Rate Hike Lands, Macro Pressure Persists; China Destocking Supports SHFE Zinc to Rebound from Lows [SMM Zinc Futures Commentary]

Published: Sep 17, 2026 16:43

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[Rate Hike Lands, Macro Pressure Persists; China Destocking Supports SHFE Zinc's Rebound from Lows] In the daytime session, the SHFE zinc 2611 contract opened at 26,080 yuan/mt, dipped to 25,970 yuan/mt in early trading, then consolidated and rebounded, reaching a high of 26,335 yuan/mt near the close before settling at 26,280 yuan/mt, up 95 yuan/mt, or 0.36%. Trading volume increased to 64,810 lots, while open interest decreased by 1,860 lots to 124,000 lots......

SMM, September 17:

In the daytime session, the SHFE zinc 2611 contract opened at 26,080 yuan/mt, dipped to 25,970 yuan/mt in early trading, then consolidated and rebounded, reaching a high of 26,335 yuan/mt near the close, and finally settled at 26,280 yuan/mt, up 95 yuan/mt, or 0.36%. Trading volume increased to 64,810 lots, while open interest decreased by 1,860 lots to 124,000 lots, forming a bullish candlestick. The US Fed's rate hike has landed, and the market is focused on subsequent policy guidance, with macro pressure yet to dissipate. On the fundamentals side, domestic inventory drawdowns are providing support for zinc prices, and the market is expected to consolidate at lows in the short term.

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