SMM December 8 news:
The most-traded SHFE zinc 2601 contract opened at 23,085 yuan/mt. In early trading, it fluctuated and consolidated along the daily average line. In the afternoon, bears reduced their positions, and SHFE zinc quickly surged, touching a high of 23,335 yuan/mt towards the close. It finally closed down at 23,285 yuan/mt, down 20 yuan/mt, a decrease of 0.09%. Trading volume increased to 180,000 lots, and open interest rose by 1,114 lots to 109,000 lots. SHFE zinc recorded a long lower shadow bullish candlestick. According to SMM communication, as of this Monday (December 8), the total zinc ingot inventory across seven SMM regions was 136,000 mt, down 8,200 mt from December 1 and down 4,300 mt from December 4, indicating a decrease in domestic inventory. Macro side, China and the US implemented accommodative monetary policies in resonance, leading to positive market sentiment. Supply side, zinc ore remained relatively tight, and fundamental support persisted. SHFE zinc is expected to fluctuate at highs overnight.
