SMM September 4 news:
The most-traded SHFE zinc 2510 contract opened at 22,200 yuan/mt. In early trading, it touched a high of 22,200 yuan/mt before bears increased their positions, driving prices down to 22,000 yuan/mt. Zinc prices then remained in the doldrums, eventually closing down 75 yuan/mt (0.34%) at 22,120 yuan/mt. Trading volume rose to 110,000 lots, while open interest increased by 10,323 lots to 119,000 lots. SHFE zinc formed a bearish candlestick, with the 10-day moving average acting as resistance. SMM zinc ingot inventory rose further to 148,900 mt, maintaining fundamental pressure. Bears' increased positions weighed on zinc prices, causing a slight decline during the day session. Night session is expected to see continued weak performance.
