SMM Nov. 13:
The most-traded SHFE zinc 2512 contract opened at 22,655 yuan/mt, dipped to an intraday low of 22,625 yuan/mt in early trading, then fluctuated upward and touched a high of 22,760 yuan/mt before fluctuating at highs. It ended up 55 yuan/mt, or 0.24%, day on day at 22,740 yuan/mt. Trading volume fell by 1,748 lots to 103,000 lots. The SHFE zinc contract formed a bullish candlestick, supported by the 20-day moving average. The SMM zinc ingot inventory continued to drop on Thursday, zinc ingot exports to delivery warehouses increased gradually, and zinc concentrate TCs continued to fall. These factors continued to support zinc prices, and SHFE zinc strengthened during the day.
