Zinc Ingot Inventory Accumulated, Zinc Prices Weakened During the Day [SMM Zinc Futures Brief Review]

Published: Feb 10, 2026 17:43

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[Zinc Ingot Inventory Accumulates, Zinc Prices Weaken During the Day]: The most-traded SHFE zinc 2604 contract opened at 24,510 yuan/mt. At the beginning of the session, bulls increased their positions, leading to a brief rise in SHFE zinc and an upward shift in the price center. Subsequently, bears added to their positions, causing SHFE zinc to decline and test a low of 24,370 yuan/mt. It then fluctuated along the daily moving average, consolidating for the most part, and finally closed down at 24,505 yuan/mt, falling 60 yuan/mt, or 0.24%. Trading volume decreased to 42,870 lots, while open interest increased by 1,001 lots to 78,739 lots.

SMM February 10:

The most-traded SHFE zinc 2604 contract opened at 24,510 yuan/mt. At the beginning of the session, bulls increased their positions, pushing SHFE zinc to briefly rise with its center moving higher. Subsequently, bears added positions, causing SHFE zinc to pull back and test a low of 24,370 yuan/mt. It then fluctuated along the daily average line, mainly consolidating, and finally closed down at 24,505 yuan/mt, down 60 yuan/mt, a drop of 0.24%. Trading volume decreased to 42,870 lots, while open interest increased by 1,001 lots to 78,739 lots. SHFE zinc recorded a small bearish candlestick. Downstream operations were basically closed for the Chinese New Year break, and social inventory continued to build up. While the market awaited more macro data, SHFE zinc dropped back slightly. It is expected that SHFE zinc will fluctuate mainly during the night session.

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