SMM November 24:
The most-traded SHFE zinc 2601 contract opened at 22,350 yuan/mt. After opening, long and short positions competed, with the price center fluctuating around 22,400 yuan/mt, hitting a high of 22,445 yuan/mt during the session, and finally closed flat at 22,390 yuan/mt. Trading volume increased to 105,000 lots, and open interest rose by 4,432 lots to 96,310 lots. SHFE zinc recorded a long-legged doji, with the upper Bollinger Band providing resistance and the lower Bollinger Band offering support. SMM data showed that as of Monday, domestic social inventory continued to decrease to 1,700 mt, while TCs continued to decline, providing some support for zinc prices. However, as consumption entered the off-season, prices were expected to maintain a fluctuating trend in the short term.
