SMM December 24:
The most-traded SHFE zinc contract 2602 opened at 23,130 yuan/mt. At the beginning of the session, it dipped to 23,130 yuan/mt, then maintained a rangebound fluctuation after opening. Approaching the close, it touched a high of 23,275 yuan/mt and finally closed up at 23,230 yuan/mt, gaining 125 yuan/mt, or 0.54%. Trading volume decreased to 63,485 lots, while open interest increased by 1,007 lots to 95,197 lots. SHFE zinc formed a bullish candlestick, supported by the 5-day moving average. Zinc concentrate TCs continued to operate at low levels, and smelting output reductions persisted, providing a bottom support for zinc prices from the supply side. During the day, SHFE zinc maintained a fluctuating trend.
