SMM August 15 News:
On Friday, LME zinc opened at $2,843.5/mt. At the beginning of the session, LME zinc briefly rose to $2,847/mt. Subsequently, with bulls reducing positions, LME zinc fluctuated downward, reaching a low of $2,790/mt at the end of the session, and finally closed at $2,796.5/mt, down by $46/mt or 1.62%. Trading volume increased to 10,973 lots, while open interest decreased by 2,725 lots to 191,000 lots. On Friday, LME zinc recorded a large bearish candlestick. The US PPI unexpectedly surged, leading overseas funds to take profits and exit. With repeated expectations for an interest rate cut, LME zinc pulled back.
On Friday, the most-traded SHFE zinc 2509 contract opened at 22,545 yuan/mt. At the start of the session, SHFE zinc quickly rose to 22,580 yuan/mt. Subsequently, with bears reducing positions and lacking upward momentum, the center pulled back to a low of 22,465 yuan/mt, and finally closed at 22,505 yuan/mt, up by 25 yuan/mt or 0.05%. Trading volume increased to 83,222 lots, while open interest decreased by 4,451 lots to 76,347 lots. On Friday, SHFE zinc recorded a small bearish candlestick. Stimulated by profits, domestic smelting continued to increase, and domestic inventory significantly increased. With fluctuating macro sentiment, the center of SHFE zinc moved lower, and it is expected that SHFE zinc will mainly consolidate today.
