SMM, December 20:
The most-traded SHFE zinc 2502 contract opened at 24,905 yuan/mt. In early trading, SHFE zinc dipped to a low of 24,885 yuan/mt, then slightly rebounded above the daily moving average, reaching an intraday high of 25,060 yuan/mt during the midday session. It subsequently fluctuated around the daily moving average and finally closed up at 24,960 yuan/mt, an increase of 65 yuan/mt or 0.26%. Open interest rose by 14,980 lots to 57,617 lots, with an additional increase of 493 lots to 125,000 lots. SHFE zinc recorded a bullish candlestick, with support provided by the lower Bollinger Band. The continuous rebound in zinc concentrate TCs reflects a gradual easing of the tight ore supply, weakening the support for zinc prices from the supply side. However, the recent low zinc ingot inventory highlights downstream consumption resilience, leading SHFE zinc to maintain a fluctuating trend.
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