SMM Oct. 27:
The most-traded SHFE zinc 2512 contract opened at 22,350 yuan/mt. At the beginning of the session, bulls increased their positions, and SHFE zinc fluctuated upward, hitting a high of 22,405 yuan/mt towards the end of the session. It finally closed up at 22,365 yuan/mt, up 10 yuan/mt, or 0.04%. Trading volume fell to 120,000 lots, while open interest increased by 1,017 lots to 121,000 lots. SHFE zinc recorded a large bullish candlestick. According to SMM communication, as of this Monday (Oct. 27), the total zinc ingot inventory across seven SMM-tracked locations stood at 163,500 mt, with domestic inventory increasing. LME has been operating with low inventory, posing high risks. The strong rise in LME boosted SHFE zinc. Macro sentiment improved, and SHFE zinc has strong support. Zinc prices are expected to continue fluctuating at highs during the evening session.
