SMM September 25:
The most-traded SHFE zinc 2511 contract opened at 21,995 yuan/mt. At the beginning of the session, it dipped to 21,920 yuan/mt, then fluctuated upward above the daily average line after opening, and touched a high of 22,055 yuan/mt toward the end, finally closing up at 22,045 yuan/mt, an increase of 50 yuan/mt, or 0.23%. Trading volume rose to 85,524 lots, while open interest fell by 9,811 lots to 131,000 lots. SHFE zinc formed a bullish candlestick, supported by the 5-day moving average. Due to pre-holiday downstream stockpiling, SMM zinc ingot inventory dropped further to 150,400 mt on Thursday, and LME inventory also remained low. During the day, SHFE zinc rebounded slightly. Market participants will keep an eye on subsequent downstream consumption.
