Zinc Ingot Inventory Continues to Accumulate, SHFE Zinc Weakens in Night Session [SMM Zinc Morning Comment]

Published: Feb 13, 2026 08:33

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[SMM Zinc Morning Comment: Zinc Ingot Inventory Continues Accumulating, SHFE Zinc Weakens in Night Session] Overnight, the most-traded SHFE zinc 2604 contract opened at 24,725 yuan/mt. After opening, SHFE zinc fluctuated above the daily average line, reaching a high of 24,765 yuan/mt during the session, then quickly pulled back, approaching a low of 24,420 yuan/mt near the close, and finally closed down at 24,500 yuan/mt, falling 170 yuan/mt.

SMM February 13:

Overnight, LME zinc opened at $3,416.5/mt. After opening, LME zinc fluctuated upward, touching a high of $3,449/mt, then traded with wide swings around the daily average line. Approaching the session's end, LME zinc quickly pulled back, explored a low of $3,356.5/mt, then maintained a fluctuating trend, finally closing down at $3,381.5/mt, down $36.5/mt, a decrease of 1.07%. Trading volume decreased to 9,738 lots, and open interest decreased by 7,690 lots to 228,000 lots. Overnight, LME zinc recorded a bearish candlestick, with support provided by the 10-day moving average below. Although the destocking trend in LME zinc ingot inventory continued, influenced by sell-offs in other financial markets, precious metals and non-ferrous metals generally declined, causing the price center of LME zinc to shift downward.

Overnight, the most-traded SHFE zinc 2604 contract opened at 24,725 yuan/mt. After opening, SHFE zinc fluctuated above the daily average line, touched a high of 24,765 yuan/mt during the session, then quickly pulled back. Approaching the session's end, it explored a low of 24,420 yuan/mt, finally closing down at 24,500 yuan/mt, down 170 yuan/mt, a decrease of 0.69%. Trading volume decreased to 25,879 lots, and open interest decreased by 1,347 lots to 80,737 lots. Overnight, SHFE zinc recorded a bearish candlestick, with resistance formed by the 20-day moving average above. On the fundamentals side, as the Chinese New Year approaches, downstream enterprises are mostly on holiday, and social inventory of zinc ingots continues to accumulate, weakening support for zinc prices. Coupled with the drag from LME trends, SHFE zinc also declined during the night session.

Data Source Statement: Except for publicly available information, other data are processed by SMM based on public information, market communication, and relying on SMM's internal database model, for reference only and do not constitute decision-making advice.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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