SMM November 26 News:
Overnight, LME zinc opened at $3,002/mt. After opening, it fluctuated along the daily average line. During the session, LME zinc rose rapidly, touched a high of $3,020/mt, then pulled back again. After probing a low of $2,983.5/mt, it fluctuated and recovered to near the daily average line, finally closing down at $2,999.5/mt, down $3.5/mt, a decrease of 0.12%. Trading volume increased to 9,349 lots, and open interest increased by 2,377 lots to 219,000 lots. Overnight, LME zinc recorded a bearish candlestick, with the 40-day moving average forming resistance above. The US Fed's September retail sales month-on-month figure was lower than expectations, strengthening market expectations for a US Fed interest rate cut. The US dollar index pulled back, but LME zinc ingot inventory continued to accumulate. LME zinc maintained a fluctuating trend at highs.
Overnight, the most-traded SHFE zinc 2601 contract opened at 22,340 yuan/mt. Early in the session, it briefly fluctuated upward, touching a high of 22,425 yuan/mt, then retreated from the high and fell all the way to probe a low of 22,285 yuan/mt. Subsequently, it slowly recovered from the low, finally closing down at 22,330 yuan/mt, down 30 yuan/mt, a decrease of 0.13%. Trading volume decreased to 47,867 lots, and open interest increased by 3,549 lots to 103,000 lots. Overnight, the most-traded SHFE zinc contract recorded a bearish candlestick, with the 10-day moving average forming resistance above. Amid tight ore supply, there are expectations for production cuts by smelters, providing some bottom support for zinc prices. However, domestic off-season consumption performance is weak, with mixed fundamental factors. In the short term, the most-traded SHFE zinc contract is expected to maintain a fluctuating trend.
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