Supply-Side Support Pushed the Zinc Price Center Higher [SMM Weekly Zinc Commentary]

Published: Mar 30, 2026 17:04

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[Support From the Supply Side Pushed the Center of Zinc Prices Higher] The most-traded SHFE zinc 2605 contract opened at 23,320 yuan/mt. In early trading, bears reduced open interest, and SHFE zinc quickly surged to a high of 23,575 yuan/mt. It then dropped back slightly, fluctuating and consolidating around 23,515 yuan/mt, before closing up at 23,540 yuan/mt, up 160 yuan/mt, or 0.68. Trading volume fell to 105,000 lots, and open interest decreased by 5,427 lots to 97,355 lots.

SMM News, March 30:

The most-traded SHFE zinc 2605 contract opened at 23,320 yuan/mt. In early trading, bears reduced positions, and SHFE zinc quickly surged to a high of 23,575 yuan/mt. հետո the center dropped back slightly and fluctuated in consolidation around 23,515 yuan/mt, before finally closing up at 23,540 yuan/mt, up 160 yuan/mt, or 0.68. Trading volume fell to 105,000 lots, and open interest decreased by 5,427 lots to 97,355 lots. SHFE zinc posted a bullish candlestick. With tight ore supply outside China and difficulty in rebounding China’s zinc concentrate TCs, the supply side provided support for zinc prices. Against the pace of continued destocking in China’s inventory, SHFE zinc is expected to hold up well at night.

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