SMM October 22:
The most-traded SHFE zinc 2512 contract opened at 21,955 yuan/mt, initially dipped to 21,940 yuan/mt, then fluctuated around the daily average line, touching a high of 22,030 yuan/mt, and finally closed up at 22,000 yuan/mt, up 20 yuan/mt, a gain of 0.09%. Trading volume decreased to 50,871 lots, while open interest increased by 349 lots to 133,000 lots. SHFE zinc recorded a bullish candlestick, with the middle Bollinger Band forming resistance above. LME zinc continued to rise amid low LME inventory, but the domestic oversupply situation persisted, with fundamentals continuing to weigh on zinc prices. During the day, SHFE zinc maintained a fluctuating trend.
