The fundamentals are mixed with both bullish and bearish factors, and SHFE zinc fluctuates within a range [SMM Zinc Futures Brief Review].

SMM December 3:

       The most-traded SHFE zinc 2601 contract opened at 22,710 yuan/mt. After opening, SHFE zinc fluctuated around the daily average line, hitting a low of 22,695 yuan/mt during the session. Subsequently, the trading center of SHFE zinc rose, approaching a high of 22,780 yuan/mt near the close, and finally closed up at 22,755 yuan/mt, an increase of 40 yuan/mt, or 0.18%. Trading volume increased to 53,887 lots, while open interest decreased by 468 lots to 105,000 lots. SHFE zinc recorded a bullish candlestick, with support from the 5-day moving average below. Continued support from the supply side bolstered zinc prices, but as the year-end off-season approaches, consumption-side constraints limited the upside potential for zinc prices. During the day, SHFE zinc continued to hover at highs.