SMM December 18 news:
The most-traded SHFE zinc 2601 contract opened at 23,050 yuan/mt. After opening, a tug-of-war between longs and shorts kept the price fluctuating rangebound around 22,990 yuan/mt, during which it touched a low of 22,965 yuan/mt, and finally closed up at 23,030 yuan/mt, an increase of 60 yuan/mt, or 0.26%. Trading volume decreased to 92,275 lots, and open interest fell by 6,324 lots to 52,902 lots. SHFE zinc recorded a bullish candlestick, with the 5/10-day daily average lines exerting pressure above, while the 20/60-day daily average lines provided support below. According to data released by SMM today, domestic inventory continued to decline, but consumption was mostly rigid demand. SHFE zinc maintained a fluctuating trend. Attention can be paid to the US CPI data performance in the evening.
