Zinc faced a decline of approximately -1.38%, ultimately settling at a value of 221.65. This downward trend in zinc prices was primarily influenced by a notable deceleration in economic growth within China. PBOC, the nation's central bank, played a pivotal role in this scenario by implementing a series of interest rate cuts. These actions were part of a broader strategy aimed at ensuring sufficient liquidity within the financial system and fostering economic recovery. The PBOC's measures encompassed reductions in the reserve requirement ratio for all banks and a decrease in the foreign exchange reserve requirement ratio.

The global economic landscape is currently characterized by expectations of a slowdown. This projection is driven by multiple factors, including the adoption of tighter monetary policies, diminishing levels of business and consumer confidence, and a waning rebound in the Chinese economy. These insights are gleaned from the OECD Economic Outlook for September 2023. The report anticipates that the U.S. economy will achieve a growth rate of 2.2% in 2023, followed by a more moderate expansion of 1.3% in 2024. Similarly, the Eurozone is forecasted to experience a growth rate of 0.6% in 2023 and a slightly higher rate of 1.1% in 2024. China's economic growth is expected to reach 5.1% in 2023 and then ease to 4.6% in 2024. Furthermore, the report acknowledges that inflation is likely to gradually subside during 2023 and 2024, although it is anticipated to remain above the target levels set by central banks across various economies.

A closer look from a technical perspective reveals that the zinc market has witnessed significant long liquidation. This was evident in the decrease in open interest, which contracted by approximately -15.72%, ultimately settling at a level of 3592. Simultaneously, zinc prices themselves experienced a decline of approximately -0.037 dollar.

Zinc prices have witnessed a notable decline, primarily attributed to a slowdown in economic growth within China. The central bank of China, PBOC, has implemented various measures, including interest rate cuts, to ensure ample liquidity and support economic recovery. Globally, economic growth is expected to decelerate due to multiple factors, including tighter monetary policies and waning confidence among businesses and consumers. These dynamics have implications for various economies, including the United States, the Eurozone, and China. From a technical standpoint, the zinc market has observed a significant reduction in open interest, and zinc prices themselves have experienced a downward trend. This has prompted market participants to closely monitor key support and resistance levels for potential future developments in the zinc market.