SMM November 11:
The most-traded SHFE zinc 2512 contract opened at 22,745 yuan/mt. At the beginning of the session, it touched a high of 22,750 yuan/mt, then fluctuated downward throughout the day. Approaching the close, it hit a low of 22,630 yuan/mt, and finally closed down at 22,675 yuan/mt, down 45 yuan/mt, a decrease of 0.2%. Trading volume decreased to 37,006 lots, and open interest fell by 1,493 lots to 107,000 lots. SHFE zinc recorded a bearish candlestick, with the upper Bollinger Band forming resistance. On the fundamentals side, the zinc ingot export window remains open, and domestic traders continue to have export intentions. Additionally, tight domestic zinc ore supply persists, and market expectations for production cuts continue to support SHFE zinc in holding up well.
