Domestic Consumption Weakens, SHFE Zinc Center Declines [SMM Zinc Futures Brief Review]

Published: Jan 30, 2026 16:50

Save

[Weaker Domestic Consumption Drags Down SHFE Zinc Center] The most-traded SHFE zinc 2603 contract opened at 26,165 yuan/mt. After opening, bulls reduced their positions, and the SHFE zinc center continued to decline, hitting a low of 25,625 yuan/mt during the session. It finally closed down at 25,835 yuan/mt, falling 160 yuan/mt, a decrease of 0.62%. Trading volume decreased to 165,000 lots, and open interest dropped by 6,528 lots to 106,000 lots.....

SMM Jan. 30:

The most-traded SHFE zinc 2603 contract opened at 26,165 yuan/mt. After opening, bulls reduced their positions, and the price center of SHFE zinc continued to decline, hitting a low of 25,625 yuan/mt during the session. It finally closed down at 25,835 yuan/mt, down 160 yuan/mt or 0.62%. Trading volume decreased to 165,000 lots, and open interest fell by 6,528 lots to 106,000 lots. SHFE zinc recorded a bearish candlestick, with the 10-day and 60-day daily average lines providing support below. Affected by end-user enterprises taking holidays one after another, operating rates in galvanizing and die-casting zinc alloy declined across the board this week, end-use consumption weakened, and support at the bottom of the price was insufficient, causing SHFE zinc to retreat from highs.

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

22 hours ago

Glencore's 2025 Own-Source Zinc Production Rises 7% YoY, 2026 Guidance Set

[Zinc Concentrate Production Information] Glencore's own-source zinc production in Q4 2025 was 260,000 mt, and its full-year 2025 own-source zinc production totaled 969,400 mt, up 7% YoY, primarily benefiting from higher zinc grades at the Antamina mine and increased production at the McArthur River mine. Glencore's own-source zinc production guidance for 2026 is 700,000-740,000 mt.

22 hours ago

[SMM Analysis] Zinc Prices Hit Over Three-Year High in January, How Will They Perform in February?

SMM Analysis：As of January 30, the most-traded SHFE zinc contract closed at 25,835 yuan/mt, up 2,525 yuan/mt for the month, a gain of 10.83%. Zinc prices rose significantly in January, hitting a low of 23,410 yuan/mt early in the month and reaching a high of 26,985 yuan/mt by month-end, with the overall price center shifting notably higher. With the Chinese New Year holiday approaching, how will zinc prices perform in February......

22 hours ago

Jan 30, 2026 16:03

Stockpiling for the Chinese New Year is largely completed, and domestic TCs remain stable. [SMM Zinc Concentrate Weekly Review]

[Chinese New Year Stockpiling Largely Completed, Domestic TCs Remain Stable]: On a weekly basis, the SMM Zn50 domestic weekly TC average price held flat WoW at 1,500 yuan/mt in metal content, while the SMM imported zinc concentrate index fell $4.25/dmt WoW to $25.5/dmt....

Jan 30, 2026 16:03