SMM Oct. 24:
The most-traded SHFE zinc 2512 contract opened at 22,345 yuan/mt. During the day, SHFE zinc hovered at highs, touching a high of 22,375 yuan/mt at the beginning of the session, then pulled back slightly to a low of 22,245 yuan/mt during the session. Subsequently, SHFE zinc rose slightly again, finally closing up at 22,355 yuan/mt, up 10 yuan/mt, or 0.04%. Trading volume increased to 73,151 lots, while open interest decreased by 2,585 lots to 120,000 lots. SHFE zinc recorded a bullish candlestick, supported by the 5-day daily average line below. The zinc ingot export window has remained open recently, with some domestic zinc ingot exports flowing out. Domestic SHFE zinc continues to fluctuate at highs, but weak fundamental consumption is expected to continue to pressure zinc prices in the future.
