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Home / Metal News / The supply-side surplus logic persisted, and SHFE zinc maintained a fluctuating trend [SMM Zinc Futures Brief Review]

The supply-side surplus logic persisted, and SHFE zinc maintained a fluctuating trend [SMM Zinc Futures Brief Review]

iconSep 1, 2025 18:30
[Persistent Supply Surplus Logic Maintains Fluctuating Trend in SHFE Zinc]: The most-traded SHFE zinc 2510 contract opened at 22,185 yuan/mt. In early trading, it touched a high of 22,235 yuan/mt, then fluctuated rangebound before hitting a low of 22,135 yuan/mt intraday, ultimately closing flat at 22,175 yuan/mt. Trading volume decreased to 69,221 lots, while open interest dropped by 1,297 lots to 116,000 lots...

SMM September 1 report:

The most-traded SHFE zinc 2510 contract opened at 22,185 yuan/mt. In early trading, it touched a high of 22,235 yuan/mt, then maintained a rangebound fluctuation. During the session, it dipped to 22,135 yuan/mt before finally closing flat at 22,175 yuan/mt. Trading volume decreased to 69,221 lots, while open interest dropped by 1,297 lots to 116,000 lots. SHFE zinc formed a bearish candlestick, finding support below the 5-day moving average. SMM reported zinc ingot inventory continued rising to 146,000 mt on Monday. The supply-side surplus logic persisted, with no significant improvement in downstream consumption. Continued fundamental pressures kept SHFE zinc maintaining a fluctuating trend.

 

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

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