SMM September 23:
The most-traded SHFE zinc 2511 contract opened at 21,930 yuan/mt. At the beginning of the session, it touched a high of 22,045 yuan/mt. After opening, zinc prices fluctuated and declined all the way, hitting a low of 21,820 yuan/mt towards the end of the session. It finally closed down at 21,845 yuan/mt, falling 190 yuan/mt, or 0.86%. Trading volume increased by 40,543 lots to 82,937 lots, and open interest rose by 9,627 lots to 140,000 lots. SHFE zinc recorded a bearish candlestick, with the 10-day daily average forming resistance. Domestic peak consumption season performance was insufficient, and the zinc surplus logic remained unchanged. Bears continued to increase their positions, and the market continued to wait for the zinc ingot export window to open. SHFE zinc continued to weaken during the day, and it is expected to remain in the doldrums during the night session.
