SMM August 8 news:
The most-traded SHFE zinc 2509 contract opened at 22,530 yuan/mt. After opening, bears reduced positions, pushing zinc prices up to a high of 22,565 yuan/mt. Subsequently, bulls cut positions, causing prices to decline and fluctuate rangebound near the daily average line, eventually closing down 65 yuan/mt (0.29%) at 22,515 yuan/mt. Trading volume decreased to 81,428 lots, while open interest dropped by 1,924 lots to 94,895 lots. SHFE zinc stopped rising and started to fall, with the upper Bollinger Band acting as resistance and the middle Bollinger Band providing support. Today, the Supreme People's Court issued the "Guiding Opinions on Implementing the Private Economy Promotion Law of the People's Republic of China," providing safeguards for the healthy development of the private economy. Domestic macro tailwinds, coupled with LME momentum, strengthened the bottom support for SHFE zinc.
