Zinc Ingot Inventory Continues to Decline, SHFE Zinc Strengthens During the Day [SMM Zinc Futures Brief Review]

Published: Nov 13, 2025 18:32

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[Zinc Ingot Inventory Continues to Decline, SHFE Zinc Strengthens During the Day]: The most-traded SHFE zinc 2512 contract opened at 22,655 yuan/mt, initially dipped to 22,625 yuan/mt, then fluctuated upward throughout the session. After hitting a high of 22,760 yuan/mt, it fluctuated at highs and finally closed up at 22,740 yuan/mt, rising 55 yuan/mt (a gain of 0.24%). Trading volume decreased by 1,748 lots to 103,000 lots.

SMM Nov. 13:

The most-traded SHFE zinc 2512 contract opened at 22,655 yuan/mt, dipped to an intraday low of 22,625 yuan/mt in early trading, then fluctuated upward and touched a high of 22,760 yuan/mt before fluctuating at highs. It ended up 55 yuan/mt, or 0.24%, day on day at 22,740 yuan/mt. Trading volume fell by 1,748 lots to 103,000 lots. The SHFE zinc contract formed a bullish candlestick, supported by the 20-day moving average. The SMM zinc ingot inventory continued to drop on Thursday, zinc ingot exports to delivery warehouses increased gradually, and zinc concentrate TCs continued to fall. These factors continued to support zinc prices, and SHFE zinc strengthened during the day.

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.

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