Macro sentiment disturbance SHFE zinc plummeted [SMM Zinc Futures Brief Review]

Published: Feb 2, 2026 18:44

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[Macro sentiment disturbance SHFE zinc plummeted]: The most-traded SHFE zinc 2603 contract opened at 25,625 yuan/mt, touched a high of 25,625 yuan/mt early in the session, then fell all the way, probing a low of 24,245 yuan/mt near the close, and finally settled at 24,515 yuan/mt, down 1,260 yuan/mt, a drop of 4.89%.

SMM Feb. 2:

The most-traded SHFE zinc 2603 contract opened at 25,625 yuan/mt, touched a high of 25,625 yuan/mt early in the session, then fell continuously, hitting a low of 24,245 yuan/mt near the close, and finally settled at 24,515 yuan/mt, down 1,260 yuan/mt or 4.89%. Trading volume increased to 274,000 lots, while open interest fell by 10,864 lots to 91,208 lots. The most-traded SHFE zinc contract recorded a large bearish candlestick, with support from the 60-day moving average. Walsh was nominated as the next Fed Chairman, the US dollar index rose, putting pressure on zinc prices, and bulls continued to reduce positions, leading to a sharp plunge in SHFE zinc during the day.

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