Insufficient fundamental support, zinc prices remain weak [SMM Zinc Futures Brief Comment]

Published: May 23, 2025 15:41

Save

[Insufficient Fundamental Support, Zinc Prices Remain Weak]: The most-traded SHFE zinc 2507 contract opened at 22,315 yuan/mt. After opening, SHFE zinc prices rose slightly to a high of 22,375 yuan/mt, maintained a fluctuating trend briefly, and then pulled back all the way below the daily average line. Near the end of the trading session, SHFE zinc prices dipped to a low of 22,205 yuan/mt, eventually closing down at 22,215 yuan/mt...

SMM News on May 23:

The most-traded SHFE zinc 2507 contract opened at 22,315 yuan/mt. After the opening, SHFE zinc prices rose slightly to a high of 22,375 yuan/mt, maintained a fluctuating trend for a short period, and then pulled back all the way below the daily average line. Near the end of the trading session, SHFE zinc prices dipped to 22,205 yuan/mt, eventually closing down at 22,215 yuan/mt, down 85 yuan/mt or 0.38%. Trading volume increased to 75,149 lots, and open interest rose by 4,686 lots to 114,000 lots. SHFE zinc recorded a bearish candlestick, with the 60-day moving average providing support below. There has been little macro disturbance recently, and the supply on the fundamentals side remains loose, with no bright spots in downstream consumption either, leaving zinc prices struggling to rise.

》Subscribe to view SMM metal spot historical prices

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

Feb 6, 2026 16:42

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

Feb 6, 2026 16:42

Feb 6, 2026 16:38

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.

Feb 6, 2026 16:38

Feb 6, 2026 16:14

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

Feb 6, 2026 16:14