China’s supply-demand imbalance persists, SHFE zinc continues to consolidate at highs [SMM zinc morning comment]

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2609 contract opened lower with a gap at 24,660 yuan/mt. In early trading, SHFE zinc consolidated around the daily average line, dipping to a low of 24,595 yuan/mt. Subsequently, bears reduced positions, pushing the price up to a high of 24,770 yuan/mt. At the end of the session, gains narrowed and the price maintained a fluctuating trend, finally closing down at 24,720 yuan/mt, down 60 yuan/mt or 0.24%. Trading volume decreased to 51,828 lots, and open interest fell by 2,582 lots to 109,000 lots.

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