Macro Sentiment Repeatedly Shifted, SHFE Zinc Saw Wide Swings [SMM Daily Zinc Review]

Published: Mar 12, 2026 17:35

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[Repeated Macro Sentiment Led to Wide Swings in SHFE Zinc]: The most-traded SHFE zinc 2604 contract opened at 24,370 yuan/mt. SHFE zinc briefly rose in early trading to a high of 24,460 yuan/mt, after which bulls reduced their open interest, and SHFE zinc fluctuated downward with its center moving lower, eventually closing down at 24,300 yuan/mt, down 85 yuan/mt, or 0.35%. Trading volume increased to 109,000 lots, while open interest fell by 1,494 lots to 74,220 lots.

SMM News, March 12:

The most-traded SHFE zinc 2604 contract opened at 24,370 yuan/mt. In early trading, SHFE zinc briefly rose to a high of 24,460 yuan/mt, after which bulls reduced open interest, and SHFE zinc fluctuated downward with its center moving lower, finally closing down at 24,300 yuan/mt, down 85 yuan/mt, or 0.35%. Trading volume increased to 109,000 lots, while open interest fell by 1,494 lots to 74,220 lots. SHFE zinc formed a small bullish candlestick. Macro sentiment remained choppy, China inventory continued to build up and stayed at a high level in recent years, supply pressure was relatively heavy, while consumption was still recovering. SHFE zinc saw wide swings, and it is expected to remain rangebound at night.

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Data: SHFE, DCE market movement (Mar 12)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 12 Mar , 2026

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