Most-traded zinc contract on Shanghai Futures Exchange (SHFE) ended at 24,770 yuan per metric ton in latest session,up 140 yuan or 0.57%. Started at 24,700 yuan,dipped briefly to 24,620 yuan before bulls pushed it higher. SHFE zinc peaked at 24,795 yuan by session's end.
Trading volume fell to 43,112 lots,while open interest ticked up by one lot to 91,906 . Session saw small bullish candlestick. Modest upward trend despite macroeconomic uncertainties.
On London Metal Exchange (LME),zinc opened at $3,534 per metric ton, climbed to $3,547.5. But then faced pressure,dropped to $3,513 during European trade. Final settlement was $3,534.5,down $6 or 0.17%. Trading volume on LME fell to 9,816 lots,with open interest down 151 lots to 234,000.
Geopolitical tensions,weak US dollar stirred market dynamics. Bulls and bears clashed,shifting LME zinc's price center slightly higher. In China,end-use zinc consumption weakened,causing inventory buildup. But lower zinc concentrate treatment charges gave SHFE zinc some support.
Analysts predict SHFE zinc prices will keep fluctuating as these factors unfold. 5-day and 10-day moving averages are forming resistance above current levels. Challenges ahead for more gains…
