SMM News on July 24:
The most-traded SHFE zinc 2509 contract opened at 22,950 yuan/mt. After opening, SHFE zinc fluctuated around the daily average line, dipping to 22,905 yuan/mt during the session. Then, it fluctuated upward during the afternoon session, reaching a high of 23,070 yuan/mt near the close. It finally closed up at 23,015 yuan/mt, gaining 75 yuan/mt or 0.33%. Trading volume increased to 94,132 lots, while open interest decreased by 1,067 lots to 135,000 lots. SHFE zinc recorded a bullish candlestick, with the upper band of the Bollinger Bands forming resistance. Although SMM zinc ingot inventory increased by 5,600 mt MoM to 98,300 mt on Thursday, the overall inventory level remained low. Coupled with the market sentiment heating up due to the progress of trade negotiations, zinc prices overall held up well.
