Domestic Supply Pressure Remained High, and the Center of SHFE Zinc Moved Lower [SMM Daily Zinc Commentary]

Published: Mar 11, 2026 17:57

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[China’s Supply Pressure Remained Relatively High, and the Center of SHFE Zinc Shifted Lower]: The most-traded SHFE zinc 2604 contract opened at 24,415 yuan/mt. In early trading, bulls reduced open interest, and SHFE zinc fluctuated downward to a low below 24,350 yuan/mt. As downward momentum proved insufficient, the center of SHFE zinc moved higher. It finally closed down at 24,385 yuan/mt, down 39 yuan/mt, or 0.12%. Trading volume fell to 74,804 lots, and open interest decreased by 527 lots to 74,220 lots.

SMM News, March 11:

The most-traded SHFE zinc 2604 contract opened at 24,415 yuan/mt. In early trading, bulls reduced open interest, and SHFE zinc fluctuated downward to a low below 24,350 yuan/mt. As downward momentum proved insufficient, the center of SHFE zinc moved higher, and it finally closed lower at 24,385 yuan/mt, down 39 yuan/mt, or 0.12 percent. Trading volume fell to 74,804 lots, and open interest decreased by 527 lots to 74,220 lots. SHFE zinc recorded a small bearish candlestick. Macro sentiment remained weak, China inventory stayed high, and supply pressure was substantial. The center of SHFE zinc edged lower, and SHFE zinc is expected to fluctuate mainly at night.

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