Last Friday, LME zinc opened at $3,131/mt. At the beginning of the session, LME zinc briefly dipped to a low of $3,126.5/mt, then rose rapidly to a high of $3,165/mt as bulls increased their positions. Subsequently, due to insufficient upward momentum, LME zinc fluctuated considerably along the daily average line, and finally closed up at $3,149/mt, up $18/mt or 0.57%. Trading volume decreased to 11,232 lots, while open interest increased by 861 lots to 234,000 lots. Last Friday, LME zinc recorded a small bullish candlestick with its center moving upward. US non-farm payrolls for December were lower than expectations, and Trump triggered geopolitical uncertainty. Precious metals and non-ferrous metals generally rose, with a favorable macro atmosphere in the market and high capital enthusiasm, keeping zinc prices fluctuating at highs.
Last Friday, the most-traded SHFE zinc 2603 contract opened at 24,045 yuan/mt. At the beginning of the session, bulls increased their positions, pushing the contract's center upward to a high of 24,155 yuan/mt. Subsequently, due to insufficient upward momentum, the center moved downward, and the contract touched a low of 23,915 yuan/mt before fluctuating and consolidating along the daily average line, finally closing flat at 24,015 yuan/mt. Trading volume decreased to 39,978 lots, while open interest increased by 2,591 lots to 97,101 lots. Last Friday, the most-traded SHFE zinc contract recorded a small bearish candlestick. Macro sentiment remained favorable, while from a fundamental perspective, the import window for ore opened, increasing options for smelters and slightly alleviating supply tightness. Demand remained relatively resilient, keeping SHFE zinc prices fluctuating at highs.
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