SMM March 14 News:
Overnight, LME zinc opened at $2,934/mt. After the opening, LME zinc fluctuated around the daily average line, hitting a low of $2,903.5/mt during the session. During the night session, LME zinc rose rapidly, reaching a high of $2,966.5/mt near the close and finally settled up at $2,958.5/mt, an increase of $25.5/mt or 0.87%. Trading volume decreased to 12,444 lots, while open interest increased by 2,608 lots to 217,000 lots. Overnight, LME zinc recorded a bullish candlestick, with support provided by the 5-day moving average below. The previous supply-side reduction expectations continued to exert influence, sustaining the upward trend of LME zinc, with the overall center slightly moving upward.
Overnight, the most-traded SHFE zinc 2505 contract opened at 24,035 yuan/mt. At the beginning of the session, SHFE zinc hit a low of 23,960 yuan/mt and then fluctuated upward, reaching a high of 24,190 yuan/mt near the close and finally settled up at 24,135 yuan/mt, an increase of 105 yuan/mt or 0.44%. Trading volume decreased to 56,820 lots, while open interest increased by 9,502 lots to 107,000 lots. Overnight, SHFE zinc recorded a bullish candlestick, with support provided by the 5-day moving average below. Boosted by the performance of the overseas market, SHFE zinc remained at a high level during the night session. However, SMM reported on Thursday that zinc ingot inventory increased by 100 mt WoW to 135,900 mt, with no significant improvement in downstream demand, leading to insufficient upward momentum for SHFE zinc.
