SMM December 12 news:
Overnight, LME zinc opened at $3,087/mt. After opening, LME zinc maintained a fluctuating trend, briefly dipped to $3,080/mt, then entered European trading hours where short covering pushed prices to continue rising. It surged to $3,219.5/mt towards the end of the session and finally closed up at $3,198/mt, gaining $123/mt, an increase of 4.00%. Trading volume increased to 156,000 lots, while open interest decreased by 2,058 lots to 220,000 lots. On December 11, LME zinc inventory increased by 550 mt to 60,350 mt, up 0.92%. Overnight, LME zinc recorded a large bullish candlestick, with support from the 20-day and 60-day daily average lines below. US initial jobless claims last week recorded 236,000, the largest weekly increase since the pandemic, and the US dollar index continued its downward trend, with LME zinc's center moving higher.
Overnight, the most-traded SHFE zinc 2601 contract opened higher with a gap at 23,210 yuan/mt. At the beginning of the session, long positions increased, and SHFE zinc fluctuated upward. It surged to 23,690 yuan/mt towards the end of the session and finally closed up at 23,660 yuan/mt, gaining 665 yuan/mt, an increase of 2.89%. Trading volume increased to 113,000 lots, while open interest increased by 5,307 lots to 93,806 lots. Overnight, SHFE zinc recorded a large bullish candlestick, with support from the 10-day and 60-day daily average lines below. During the week, the domestic Central Economic Work Conference was held, which determined the key tasks for next year's economic work, to some extent boosting market sentiment. Bulls exerted force, and coupled with the drive from overseas markets, SHFE zinc rose.
