SMM Jan. 7:
The most-traded SHFE zinc 2602 contract opened at 24,395 yuan/mt. After opening, bulls reduced positions, pulling the price center down below the daily average line and hitting a low of 24,145 yuan/mt. Subsequently, bulls increased positions, driving zinc prices up to fluctuate near the daily average line. It finally closed up at 24,330 yuan/mt, rising 35 yuan/mt, or 0.14%. Trading volume increased to 188,000 lots, while open interest fell by 4,856 lots to 91,603 lots. SHFE zinc recorded a small bullish candlestick, supported by the lower Bollinger Band. Zinc price gains slowed down today. Driven by other metals, zinc prices are expected to hover at highs overnight. Market participants can focus on the US ADP employment data results tonight.
