Ore Supply Shortage Unchanged, SHFE Zinc Consolidates at Highs [SMM Zinc Commentary]

Published: Jul 27, 2026 17:06

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[Ore shortage persists, SHFE zinc consolidates at highs] The most-traded SHFE zinc 2609 contract opened at 24,850 yuan/mt. After opening, SHFE zinc maintained a consolidating trend, dipping to a low of 24,790 yuan/mt early in the session and touching a high of 24,900 yuan/mt near the end. It ultimately closed up at 24,885 yuan/mt, an increase of 75 yuan/mt, or 0.3%. Trading volume rose to 53,636 lots.....

SMM, July 27:

The most-traded SHFE zinc 2609 contract opened at 24,850 yuan/mt. After opening, SHFE zinc maintained a fluctuating trend. Early in the session, it dipped to 24,790 yuan/mt, and near the close, it touched a high of 24,900 yuan/mt, finally closing up at 24,885 yuan/mt, up 75 yuan/mt, or 0.3%. Trading volume increased to 53,636 lots, while open interest rose by 578 lots to 111,000 lots. SHFE zinc recorded a bullish candlestick, with support from the 5-day moving average below. On the fundamentals side, domestic TCs remained persistently low. On Monday, SMM zinc ingot inventory edged down, overall supporting SHFE zinc to stay high. Short-term zinc prices are expected to consolidate.

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