SMM September 1 report:
The most-traded SHFE zinc 2510 contract opened at 22,185 yuan/mt. In early trading, it touched a high of 22,235 yuan/mt, then maintained a rangebound fluctuation. During the session, it dipped to 22,135 yuan/mt before finally closing flat at 22,175 yuan/mt. Trading volume decreased to 69,221 lots, while open interest dropped by 1,297 lots to 116,000 lots. SHFE zinc formed a bearish candlestick, finding support below the 5-day moving average. SMM reported zinc ingot inventory continued rising to 146,000 mt on Monday. The supply-side surplus logic persisted, with no significant improvement in downstream consumption. Continued fundamental pressures kept SHFE zinc maintaining a fluctuating trend.
