Overnight, the United States authorized Kyiv to attack the Russian depths within a 300-kilometer radius; Member of the Governing Council of the ECB: an interest rate cut of 25 basis points in December is almost certain; Kazuo Ueda: If economic and price developments match forecasts, the Bank of Japan will continue to raise rates; British media: Trump plans to enter cryptocurrency trading platform; Norway’s largest oil field temporarily closed; Xi Jinping met with British Prime Minister and Australian Prime Minister; the Ministry of Finance allocated a debt limit of 6 trillion yuan to various regions; The Central Air Traffic Control Board is set to launch eVTOL trials in six cities.

Overnight, LME zinc opened at $2,953/mt. After a brief consolidation around the daily moving average, focus shifted towards around $2,965/ton. During European trading hours, it peaked at $2,984/mt, then shorted at high levels, causing zinc on the LME to fall, with the focus of the overnight session moving around $2,925 /mt, reaching a low of $2,920.5/mt. At the end of the session, attention lifted slightly, closing at $2,963/mt, an increase of $9.5/mt or 0.32%. Trading volume decreased to 9,468 lots and open positions decreased by 1,986 lots to 245,000 lots. Overnight, LME zinc recorded a small bullish candlestick, with the 10-day moving average forming resistance above and the KDJ indicator rising higher. Overnight, LME stocks increased by 11,050 tons to 259,500 tons, an increase of 4.45%, continuing the upward trend in stocks. The overnight weakening of the US dollar supported base metals, but the significant increase in LME stocks formed upper resistance for LME zinc, maintaining a fluctuating trend.

Overnight, the most traded SHFE zinc 2412 contract opened at 24,595 yuan/mt. Initially, zinc SHFE fluctuated lower along the daily moving average, reaching a low of 24,475 yuan/mt. Subsequently, the bears took profits and exited, causing zinc SHFE to rebound from the low, peaking at 24,765 yuan/mt at the end of the session, closing at 24,740 yuan/mt, an increase 180 yuan/mt or 0.73%. Trading volume decreased to 71,066 lots and open positions decreased by 1,855 lots to 96,416 lots. Overnight, Zinc SHFE recorded a bullish candlestick, with the 5-day moving average providing support below. Overnight, zinc SHFE maintained a fluctuating trend. On the fundamental side, with a large number of warehouse receipts, SMM social inventory increased slightly, indicating moderate buying of the dip by downstream companies, providing support on the fundamental side.