SMM Oct. 9 news:
Overnight, the LME zinc contract opened at $3,043/mt. After opening, it immediately touched a high of $3,047.5/mt, then fluctuated downward below the daily average line. By the end of the session, it hit a low of $2,993.5/mt and finally closed down at $2,995/mt, falling $46.5/mt or 1.53%. Trading volume increased to 118,000 lots, and open interest rose to 224,000 lots. On October 8, LME zinc inventory increased by 50 mt to 38,250 mt, up 0.13%. Overnight, LME zinc recorded a large bearish candlestick, with the upper Bollinger Band exerting pressure. Trump announced the signing of the first phase of a Gaza ceasefire agreement between Israel and Hamas, leading to improved macro sentiment and weaker safe-haven demand. The US dollar index continued to strengthen, putting some pressure on zinc prices, and LME zinc moved lower.
Overnight, SHFE zinc was closed due to the holiday.
