SMM News on August 11:
The most-traded SHFE zinc 2509 contract opened at 22,550 yuan/mt. In early trading, SHFE zinc dipped to 22,525 yuan/mt, then fluctuated upward all the way, hitting a high of 22,665 yuan/mt before pulling back again. It finally closed up at 22,590 yuan/mt, up 35 yuan/mt or 0.16%. Trading volume increased to 46,333 lots, while open interest decreased by 919 lots to 93,386 lots. SHFE zinc recorded a bullish candlestick, with the 40-day moving average providing support below. The continued low LME zinc inventory continued to support zinc prices, coupled with the ongoing boost from macro interest rate cut expectations, SHFE zinc fluctuated at highs during the day.
