Market concerns over demand persisted, SHFE zinc remained in the doldrums [SMM Zinc Morning Comment]

Published: Apr 21, 2025 08:49

Save

【SMM Zinc Morning Comment: Market Concerns Over Demand Persist, SHFE Zinc in the Doldrums】Last Friday, the most-traded SHFE zinc 2506 contract opened at 22,100 yuan/mt. After the opening, bears increased their positions, pushing SHFE zinc downward to a low of 21,935 yuan/mt before it rebounded, reaching a high of 22,255 yuan/mt during the day. Subsequently, SHFE zinc maintained a fluctuating trend around 22,200 yuan/mt, eventually closing up at 22,230 yuan/mt.

SMM April 21 News:

Last Friday, LME zinc was closed due to the Easter holiday.

Last Friday, the most-traded SHFE zinc 2506 contract opened at 22,100 yuan/mt. After the opening, shorts increased their positions, pushing SHFE zinc down to a low of 21,935 yuan/mt before it rebounded, reaching a high of 22,255 yuan/mt during the day. Subsequently, SHFE zinc maintained a fluctuating trend around 22,200 yuan/mt, eventually closing up at 22,230 yuan/mt, an increase of 180 yuan/mt or 0.82%. The trading volume rose to 85,377 lots, while the open interest decreased by 2,988 lots to 126,000 lots. SHFE zinc recorded a bullish candlestick, with the middle line of the Bollinger Bands forming resistance. Continued destocking of zinc ingots supported zinc prices during the week, but macro factors continued to weigh on prices. Concerns about downstream demand persist, and SHFE zinc may remain in the doldrums.

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

21 hours ago

Terminal Performance "Uneven," Zinc Oxide Chinese New Year Break Up YoY

21 hours ago

Dual Pressures Force Die-Casting Zinc Alloy Firms to Lengthen Chinese New Year Holidays

Approaching the 2026 Chinese New Year, SMM conducted communication and research on the pre-holiday break arrangements of domestic die-casting zinc alloy enterprises. This survey covered 20 enterprises, with a total annual capacity of 829,000 mt, involving a zinc consumption scale during the holiday period of approximately 45,548 mt.

21 hours ago

22 hours ago

Data: SHFE, DCE market movement (Feb 06)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 06 Feb , 2026

22 hours ago