Significant Inventory Pressure Continued to Cap Zinc Prices on the Upside [SMM Zinc Brief Review]

Published: Mar 17, 2026 16:27

Save

[Heavy Inventory Pressure Continues to Cap Zinc Prices on the Upside] The most-traded SHFE zinc 2605 contract opened at 23,915 yuan/mt. In early trading, as bears reduced positions, SHFE zinc gradually rose to above the daily average line and touched a high of 24,055 yuan/mt. Later, as bears added positions, SHFE zinc gradually fell below the daily average line and hit a low of 23,720 yuan/mt, finally closing down at 23,730 yuan/mt.....

SMM News, March 17: The most-traded SHFE zinc 2605 contract opened at 23,915 yuan/mt. In early trading, bears reduced open interest, and SHFE zinc gradually rose to above the daily average line, hitting a high of 24,055 yuan/mt. Subsequently, bears increased open interest, and SHFE zinc gradually fell to below the daily average line, touching a low of 23,720 yuan/mt. It finally closed lower at 23,730 yuan/mt, down 180 yuan/mt, or 0.75. Trading volume increased to 41,320 lots, and open interest increased by 4,985 lots to 80,471 lots. SHFE zinc recorded a bearish candlestick, with the 10-day and 40-day moving averages above forming resistance. Currently, zinc ingot inventory in China continues to build up, and heavy inventory pressure is suppressing the rise in zinc prices. Downstream consumption showed a mediocre performance, and coupled with regional geopolitical tensions, the center of SHFE zinc continued to move lower.

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

1 hour ago

Data: SHFE, DCE market movement (Apr 15)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 15 Apr , 2026

1 hour ago

2 hours ago

Zinc Ingots in Tianjin Consistently Traded at a Large Discount — What Are the Reasons? [SMM Analysis]

Premiums in the Tianjin region have consistently remained at a discount. How will premiums trend going forward?

2 hours ago

China's Consumption Mediocre Performance, SHFE Zinc Maintain Fluctuating Trend [SMM Zinc Futures Brief Review]

[China's Mediocre Performance in Consumption, SHFE Zinc Maintained Fluctuating Trend]: The most-traded SHFE zinc 2605 contract opened at 23,670 yuan/mt. SHFE zinc edged up at the beginning of the session, touching a high of 23,810 yuan/mt before pulling back to near the daily average line. During the session, SHFE zinc dipped to a low of 23,665 yuan/mt, then moved sideways around the daily average line, ultimately closing higher at 23,715 yuan/mt, up 55 yuan/mt.

2 hours ago