SMM March 12 News:
Overnight, LME zinc opened at $2,855/mt. At the beginning of the session, LME zinc fluctuated slightly and dipped to $2,832.5/mt, then climbed all the way up, reaching a high of $2,920/mt near the session's end, and finally closed higher at $2,920/mt, up by $75.5/mt or 2.65%. Trading volume increased to 13,124 lots, while open interest decreased by 3,439 lots to 214,000 lots. Overnight, LME zinc recorded a bullish candlestick, with the upper Bollinger Band forming resistance. LME zinc inventory increased by 1,725 mt to 161,825 mt, up by 1.08%. Cancelled warrants reached 67,000 mt, and registered warehouse warrants fell to their lowest level in over a year. Additionally, the weakening US dollar index boosted the performance of base metals, leading to a significant overnight rise in LME zinc.
Overnight, the most-traded SHFE zinc 2505 contract opened at 23,950 yuan/mt. At the beginning of the session, SHFE zinc touched a high of 23,950 yuan/mt, then slightly declined below the daily average line, followed by fluctuating movements. During the session, it dipped to 23,845 yuan/mt and finally closed higher at 23,880 yuan/mt, up by 95 yuan/mt or 0.4%. Trading volume decreased to 35,981 lots, while open interest increased by 1,715 lots to 80,639 lots. Overnight, SHFE zinc recorded a bearish candlestick, with support provided by the 10-day moving average below. Boosted by the performance of the overseas market, SHFE zinc opened higher with a gap during the night session. However, the fundamental factors provided insufficient support for zinc prices, and SHFE zinc hovered at highs.
