SMM News on July 30:
Overnight, LME zinc opened at $2,814/mt. After opening, LME zinc fluctuated downward along the daily average line, hitting a low of $2,790/mt during the night session. Then, LME zinc rebounded all the way, touching a high of $2,823/mt in the tail end of the session. It finally closed up at $2,814.5/mt, up $9/mt or 0.32%. Trading volume increased to 9,441 lots, and open interest rose by 1,083 lots to 190,000 lots. Overnight, LME zinc recorded a small bullish candlestick, with the 5-day moving average forming resistance above. The market continued to await the outcome of China-US trade negotiations, and investors remained cautious, with LME zinc maintaining a fluctuating trend.
Overnight, the most-traded SHFE zinc 2509 contract opened at 22,640 yuan/mt. In the early session, SHFE zinc hit a low of 22,610 yuan/mt. After opening, SHFE zinc fluctuated upward along the daily average line, touching a high of 22,735 yuan/mt in the tail end of the session. It finally closed up at 22,720 yuan/mt, up 65 yuan/mt or 0.29%. Trading volume decreased to 51,296 lots, and open interest rose by 1,110 lots to 119,000 lots. Overnight, SHFE zinc recorded a bullish candlestick, with the 10-day moving average forming resistance above. The fundamental pattern of zinc, with strong supply and weak demand, remained unchanged. However, as ferrous metals stopped falling and rebounded strongly, SHFE zinc also rose slightly during the night session. Attention should be paid to the outcome of recent China-US trade negotiations.
