Tariff Disturbances Continue, SHFE Zinc Hovers at Highs [SMM Zinc Futures Brief Review]

Published: Feb 24, 2026 17:15

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[Continuous Tariff Disturbances, SHFE Zinc Hovers at Highs] The most-traded SHFE zinc 2604 contract opened at 24,320 yuan/mt. After opening, bulls increased their positions, pushing zinc quickly above the daily average line and reaching a high of 24,865 yuan/mt. Toward the close, some bulls reduced positions and exited, causing a slight decline. It finally closed up at 24,680 yuan/mt, rising 430 yuan/mt (a 1.77% gain). Trading volume increased to 56,353 lots, and open interest rose by 4,439 lots to 81,447 lots.....

SMM Feb. 24: The most-traded SHFE zinc 2604 contract opened at 24,320 yuan/mt. After opening, bulls increased positions, pushing SHFE zinc to rise rapidly above the daily average line and touch a high of 24,865 yuan/mt. Toward the session's close, some bulls reduced positions and exited, causing SHFE zinc to edge down slightly. It finally closed up at 24,680 yuan/mt, up 430 yuan/mt or 1.77%. Trading volume increased to 56,353 lots, and open interest rose by 4,439 lots to 81,447 lots. SHFE zinc recorded a large bullish candlestick, suppressed by the 40-day moving average above and supported by the lower Bollinger Band below. Domestically, fundamentals-wise, although zinc ingot inventory buildup continued during the Chinese New Year and many downstream processing enterprises had yet to resume operation, constant macro disruptions and tariff pressures swept the market, keeping SHFE zinc hovering at highs.

During the day, the SHFE zinc 2602 contract opened at 24,480 yuan/mt. After opening, the price center moved higher, then fluctuated above the daily average line before finally closing up at 24,630 yuan/mt, up 510 yuan/mt or 2.11%. Trading volume decreased to 110 lots, while open interest increased by 55 lots to 5,735 lots. Delivery volume was 28,675 mt, and the settlement price was 24,540 yuan/mt.

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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