SMM November 25 News:
The most-traded SHFE zinc 2601 contract opened at 22,350 yuan/mt. After opening, bulls increased their positions, rapidly pushing the price center higher to touch a high of 22,420 yuan/mt. Subsequently, bulls reduced their positions, causing zinc to decline slightly, and it finally closed down at 22,275 yuan/mt, down 30 yuan/mt or 0.13%. Trading volume decreased to 84,904 lots, while open interest increased by 3,281 lots to 99,591 lots. SHFE zinc recorded a bullish candlestick, with the 10/20-day daily average lines exerting pressure above and the lower Bollinger Band providing support below. Currently, overall domestic market consumption performance is mediocre, but domestic ore supply is tight, and subsequent smelter production is expected to be lower than expectations. In the short term, the fluctuating trend of SHFE zinc is expected to remain unchanged. Attention can be paid to the US September month-on-month retail sales and PPI data released in the evening.
