SMM Nov. 10:
The most-traded SHFE zinc 2512 contract opened at 22,610 yuan/mt. Zinc prices fluctuated upward slowly during the day, hitting a low of 22,590 yuan/mt at the beginning of the session and reaching a high of 22,690 yuan/mt during the midday session, finally closing up at 22,670 yuan/mt, up 95 yuan/mt or 0.42%. Trading volume decreased to 48,074 lots, and open interest fell by 1,601 lots to 111,000 lots. SHFE zinc recorded a bullish candlestick, with support provided by the 20-day daily average line below. The periodic tightness of domestic zinc ore continues, and zinc concentrate TCs are falling faster, providing some bottom support for zinc prices. However, consumption is weak in the off-season, and there is no clear macro guidance, so SHFE zinc continues to hover at highs.
