The LME zinc market was closed last Friday, and today's focus was on changes in macro sentiment. [SMM Zinc Morning Comment]

LME zinc was closed last Friday due to the Christmas holiday.

Last Friday, the most-traded SHFE zinc 2602 contract opened at 23,105 yuan/mt. In early trading, SHFE zinc fluctuated around the daily average line. Towards the close, bulls increased their positions, driving a rapid rally in SHFE zinc to a high of 23,300 yuan/mt, after which bulls took profits and exited, resulting in a "V"-shaped reversal. The contract finally closed up at 23,215 yuan/mt, gaining 85 yuan/mt, an increase of 0.37%. Trading volume decreased to 94,545 lots, while open interest increased by 1,920 lots to 99,345 lots. Last Friday, SHFE zinc formed a bullish candlestick, with support provided by the middle Bollinger Band. China's National Fiscal Work Conference: In 2026, ensure necessary expenditure intensity, vigorously boost consumption, and actively expand effective investment. Macro sentiment was positive, with metals such as copper and silver hitting new highs again, and the price center of zinc edged up slightly.

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