Macro Turns Bearish, SHFE Zinc Under Pressure [SMM Zinc Futures Review]

Published: Nov 18, 2025 16:52

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[Macro Turns Bearish, SHFE Zinc Under Pressure]: The most-traded SHFE zinc 2512 contract opened at 22,365 yuan/mt. At the start of the session, bulls reduced their positions, causing SHFE zinc to fluctuate downward throughout the day. It hit a low of 22,265 yuan/mt toward the end of the session and finally closed down at 22,310 yuan/mt, falling 155 yuan/mt, a decline of 0.69%. Trading volume dropped to 93,469 lots, and open interest decreased by 9,124 lots to 82,326 lots.

SMM November 18:

The most-traded SHFE zinc 2512 contract opened at 22,365 yuan/mt. At the beginning of the session, bulls reduced their positions, causing SHFE zinc to fluctuate downward throughout the session. It touched a low of 22,265 yuan/mt toward the end, finally closing down at 22,310 yuan/mt, a decrease of 155 yuan/mt, or 0.69%. Trading volume fell to 93,469 lots, while open interest dropped by 9,124 lots to 82,326 lots. SHFE zinc formed a large bearish candlestick. Macro sentiment turned bearish, and funds exited the market, putting SHFE zinc under pressure. However, expectations for domestic smelting production cuts and export conditions still provided some support. SHFE zinc is expected to mainly fluctuate during the evening session.

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