Fundamentals show both bullish and bearish factors, SHFE zinc consolidates at highs [SMM Zinc Futures Brief]

Published: Sep 22, 2026 16:36 (GMT+8)

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[Both bullish and bearish fundamentals exist, SHFE zinc consolidates at highs] The most-traded SHFE zinc 2611 contract opened at 26,705 yuan/mt. After the opening, SHFE zinc consolidated around the daily average, touching a high of 26,775 yuan/mt during the session, but then pulled back in the afternoon. SHFE zinc dipped to a low of 26,580 yuan/mt near the close, and finally closed down at 26,580 yuan/mt, down 95 yuan/mt, or 0.36%. Trading volume increased to 62,064 lots.....

SMM, September 22:

The most-traded SHFE zinc 2611 contract opened at 26,705 yuan/mt. After the open, SHFE zinc consolidated around the daily average, touching a high of 26,775 yuan/mt during the session, but pulled back in the afternoon, dipping to a low of 26,580 yuan/mt near the close. It settled down at 26,580 yuan/mt, down 95 yuan/mt, or 0.36%. Trading volume increased to 62,064 lots, and open interest rose by 5,260 lots to 142,000 lots. SHFE zinc formed a bearish candlestick, with the 5-day moving average providing support below. On the fundamentals side, the ore tightness remained unchanged, and with sulphuric acid prices continuing to slide, smelter production margins stayed under pressure, keeping overall production enthusiasm subdued. On the consumption side, pre-holiday stockpiling by downstream enterprises was lackluster. With the tug-of-war between longs and shorts in fundamentals, SHFE zinc maintained a fluctuating trend.

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