Pre-holiday Stockpiling Drives Inventory Decline, Zinc Prices Consolidate at Highs [SMM Zinc Futures Brief]

Published: Sep 24, 2026 17:18 (GMT+8)

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[Pre-holiday stockpiling drives inventory decline, zinc prices consolidate at highs] The most-traded SHFE zinc 2611 contract opened at 26,740 yuan/mt. After the open, SHFE zinc consolidated around the daily average, touching an intraday high of 26,855 yuan/mt in early trading and a low of 26,690 yuan/mt during the session, before closing up 50 yuan/mt, or 0.19%, at 26,760 yuan/mt. Trading volume increased to 72,614 lots, and open interest rose by 2,140 lots to 148,000 lots.

SMM, September 24:

The most-traded SHFE zinc 2611 contract opened at 26,740 yuan/mt. After the open, SHFE zinc consolidated around the daily average, touching an intraday high of 26,855 yuan/mt in early trading and an intraday low of 26,690 yuan/mt during the session. It closed up at 26,760 yuan/mt, up 50 yuan/mt, or 0.19%. Trading volume increased to 72,614 lots, and open interest rose by 2,140 lots to 148,000 lots. SHFE zinc posted a bullish candlestick, with resistance from the middle Bollinger Band above. Smelters showed limited production enthusiasm due to falling sulphuric acid prices. On the consumption side, with the upcoming double holiday, some downstream users engaged in pre-holiday stockpiling, driving zinc ingot inventory lower on Thursday and supporting zinc prices to maintain a fluctuating trend.

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