Domestic inventory continues to increase, SHFE zinc records a bearish candlestick [SMM Zinc Futures Brief Commentary]

Published: Feb 26, 2026 16:04

Save

[Domestic inventory continues to increase, SHFE zinc records a bearish candlestick] The most-traded SHFE zinc 2604 contract opened at 24,675 yuan/mt. After opening, bears increased positions, pushing SHFE zinc down below the daily average line to a low of 24,455 yuan/mt. During the session, bulls increased positions, driving SHFE zinc up, and it ended trading near the daily average line, closing down at 24,570 yuan/mt, a decrease of 105 yuan/mt (0.43%). Trading volume rose to 54,512 lots, and open interest increased by 1,645 lots to 92,762 lots.

SMM February 26: The most-traded SHFE zinc 2604 contract opened at 24,675 yuan/mt. After opening, bears increased open interest, pushing SHFE zinc down below the daily average line to test a lower level at 24,455 yuan/mt. During the session, bulls increased open interest, driving SHFE zinc up, and by the end of the session, it moved near the daily average line, finally closing down at 24,570 yuan/mt, a decrease of 105 yuan/mt, or 0.43%. Trading volume rose to 54,512 lots, and open interest increased by 1,645 lots to 92,762 lots. SHFE zinc recorded a bearish candlestick with no upper shadow, with the upper 40/60-day daily average lines exerting pressure, while the lower Bollinger Band provided support. According to SMM data today, domestic zinc ingot inventory continued to build up due to the Chinese New Year holiday, and downstream consumption recovery still requires time. However, macro disturbances persist, and SHFE zinc continues to fluctuate at 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

15 hours ago

Data: SHFE, DCE market movement (Feb 26)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 26 Feb , 2026

15 hours ago

22 hours ago

LME Zinc Ingot Inventory Remains Low, LME Zinc Fluctuates at Highs [SMM Zinc Morning Meeting Minutes]

[SMM Zinc Morning Meeting Minutes: LME Zinc Ingot Inventory Remains Low, LME Zinc Fluctuates at Highs] Overnight, LME zinc opened at $3,387.5/mt, fluctuated upward after opening, touched a high of $3,416.5/mt, then pulled back all the way, approaching the end of the session, LME zinc touched a low of $3,362.5/mt, then rebounded from the low to near the daily average line, and finally closed down at $3,387/mt...

22 hours ago

Downstream operations have not fully resumed, SHFE zinc maintains fluctuating trend [SMM Zinc Morning Comment]

[SMM Zinc Morning Comment: Downstream Yet to Fully Resume Work, SHFE Zinc Maintains Fluctuating Trend] Overnight, the most-traded SHFE zinc 2604 contract opened at 24,590 yuan/mt. After opening, it briefly fluctuated downward, hitting a low of 24,550 yuan/mt before rebounding and reaching a high of 24,715 yuan/mt towards the close. It finally closed down at 24,675 yuan/mt, falling 35 yuan/mt or 0.14%, with trading volume decreasing to 39,861 lots.

22 hours ago