Macro sentiment improves, SHFE zinc rises [SMM zinc morning comment]

Published: Jun 12, 2026 08:44

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[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2607 contract opened at 24,190 yuan/mt. Early in the session, it briefly dipped to a low of 24,020 yuan/mt, then bears reduced their positions, and the price fluctuated upward, touching a high of 24,305 yuan/mt near the close. It finally closed up at 24,265 yuan/mt, up 100 yuan/mt, a gain of 0.41%. Trading volume decreased to 60,028 lots, and open interest decreased by 1,210 lots to 79,545 lots.

Overnight, LME zinc opened at $3,464/mt. Early in the session, it moved sideways along the daily average, dipping to a low of $3,442/mt. As the night session began, bulls added positions, driving LME zinc higher, and it surged to an intraday high of $3,534/mt near the close, finally closing up at $3,525.5/mt, up $57/mt, or 1.64%. Trading volume fell to 14,639 lots, while open interest increased by 4,214 lots to 238,000 lots. Overnight, LME zinc formed a large bullish candlestick, with resistance from the 10- and 20-day moving averages above. The US-Iran situation eased somewhat, and the US dollar index rose initially before declining. Non-ferrous metals broadly gained, and the LME zinc price center shifted higher. It is expected to move sideways today.

Overnight, the most-traded SHFE zinc 2607 contract opened at 24,190 yuan/mt. In early trading, SHFE zinc briefly dipped to an intraday low of 24,020 yuan/mt, after which bears reduced positions, causing SHFE zinc to fluctuate upward and hit an intraday high of 24,305 yuan/mt near the close, finally closing up at 24,265 yuan/mt, up 100 yuan/mt, or 0.41%. Trading volume decreased to 60,028 lots, and open interest fell by 1,210 lots to 79,545 lots. Overnight, SHFE zinc formed a small bullish candlestick with a long lower shadow. Geopolitical tensions eased, market sentiment improved, and capital entered the market. The domestic tight ore and loose metal supply situation remained unchanged, and fundamentals showed no prominent contradictions. Driven by the LME market, the price center of SHFE zinc shifted higher. SHFE zinc is expected to move sideways today.

Data Source Statement: Except for publicly available information, all other data is processed by SMM based on public information, market communication, and SMM's internal database models. This is for reference only and does not constitute decision-making advice.

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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