Zinc Prices Centered Higher, with Attention on Subsequent Macro Changes [SMM Zinc Brief Review]

Published: Mar 20, 2026 16:47

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[Zinc Price Center Rose, Focus on Subsequent Macro Changes] The most-traded SHFE zinc 2605 contract opened at 22,875 yuan/mt. After the opening, bulls added to open interest and pushed SHFE zinc up to 23,110 yuan/mt. During the session, bulls reduced open interest and SHFE zinc fell to a low of 22,840 yuan/mt. Near the close, bulls exerted strength again, driving prices to rebound slightly. It finally closed up at 22,935 yuan/mt, up 75 yuan/mt, or 0.33%. Trading volume decreased to 66,161 lots, and open interest increased by 664 lots to 106,000 lots.....

SMM, March 20: The most-traded SHFE zinc 2605 contract opened at 22,875 yuan/mt. After the opening, increased open interest from bulls drove SHFE zinc up to a high of 23,110 yuan/mt. During the session, reduced open interest from bulls sent SHFE zinc down to a low of 22,840 yuan/mt. Near the close, bulls exerted strength again, lifting prices to rebound slightly. It finally closed higher at 22,935 yuan/mt, up 75 yuan/mt, or 0.33%. Trading volume decreased to 66,161 lots, and open interest increased by 664 lots to 106,000 lots. SHFE zinc recorded a bullish candlestick, with the 10/60-day daily average above forming resistance and the lower Bollinger Bands below providing support. Fundamentally, current supply in China remained loose, while downstream consumption gradually recovered. On the macro front, localized international conflicts still persisted. Zinc prices are expected to fluctuate at lows in the short term, and attention should be paid to subsequent macro changes.

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