Bullish Funds Drive SHFE Zinc to Fluctuate at Highs
[SMM Zinc Morning Comment] Overnight, SHFE zinc recorded a three-day winning streak, with the center of the daily candlestick moving higher and the MACD bullish candlestick expanding. Boosted by overnight LME gains, SHFE zinc saw an influx of bulls' capital, breaking through the high levels seen since August, coupled with...
Overnight, the LME zinc contract opened at ,054.5/mt. At the beginning of the session, it fluctuated upward along the daily average line, reaching a high of ,115/mt by the end of the session, and finally closed up at ,108/mt, an increase of /mt or 1.9%. Trading volume increased to 11,043 lots, and open interest rose by 1,194 lots to 223,000 lots. Overnight, LME zinc recorded a large bullish candlestick, with various moving averages providing support below, and the KDJ indicator expanding upward. Overnight, expectations for a US Fed interest rate cut in December increased, coupled with LME zinc inventory hitting a new low, supporting LME zinc's strong performance.
Overnight, the most-traded SHFE zinc 2512 contract opened higher with a gap at 22,610 yuan/mt. During the session, it fluctuated around the daily average line, with an amplitude not exceeding 200 yuan/mt, reaching a high of 22,700 yuan/mt, and finally closed up at 22,670 yuan/mt, an increase of 185 yuan/mt or 0.82%. Trading volume decreased to 52,375 lots, while open interest increased by 1,085 lots to 120,000 lots. Overnight, SHFE zinc recorded a three-day winning streak, with the center of the daily candlestick moving upward and the MACD bullish candlestick expanding. Driven by the overnight external market, bullish funds flowed into SHFE zinc, breaking through the highs since August. Combined with supply-side disruptions, zinc prices are expected to fluctuate at highs./metal.com
Tuesday ۴th of November ۲۰۲۵ 2
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