SMM September 2 news:
The most-traded SHFE zinc 2510 contract opened at 22,210 yuan/mt. In early trading, it dipped to 22,185 yuan/mt before steadily rising, touching a high of 22,375 yuan/mt near the close. It finally settled at 22,325 yuan/mt, up 130 yuan/mt (0.59%). Trading volume increased to 89,334 lots, while open interest dropped by 7,480 lots to 108,000 lots. SHFE zinc formed a bullish candlestick, supported by the 10-day moving average. With LME zinc inventory hitting a near two-year low and maintenance-related supply cuts expected to rise in September, zinc ingot supply may decline MoM. Bears reduced positions, pushing SHFE zinc slightly higher during the session.
