SMM December 10 news:
The most-traded SHFE zinc 2601 contract opened at 23,005 yuan/mt. At the beginning of the session, bears reduced their positions, and SHFE zinc fluctuated upward, rising above the daily average line, with the price center moving up. It finally closed up at 23,075 yuan/mt, an increase of 5 yuan/mt, or 0.02%. Trading volume dropped to 118,000 lots, and open interest increased by 8,075 lots to 931.79 million lots. SHFE zinc recorded a small bearish candlestick. Fundamentally, LME inventory continued to increase, and inventory pressure eased slightly. However, domestic TCs fell rapidly and smelter maintenance increased, providing support for zinc prices from the supply side. The market is waiting for the US Fed's interest rate cut decision, and SHFE zinc is expected to fluctuate mainly during the night session.
