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Home / Metal News / Insufficient fundamental support, SHFE zinc retreats from highs [SMM Zinc Futures Review]

Insufficient fundamental support, SHFE zinc retreats from highs [SMM Zinc Futures Review]

iconJan 16, 2026 15:07
[Insufficient Fundamental Support, SHFE Zinc Retreats from Highs]: The most-traded SHFE zinc 2603 contract opened at 25,010 yuan/mt, touched a high of 25,160 yuan/mt early in the session, then fluctuated downward throughout the day. Approaching the close, it hit a low of 24,660 yuan/mt, and finally settled at 24,750 yuan/mt, down 375 yuan/mt, a decline of 1.49%.

SMM Jan. 16:

       The most-traded SHFE zinc 2603 contract opened at 25,010 yuan/mt, touched a high of 25,160 yuan/mt early in the session, then fluctuated downward, and hit a low of 24,660 yuan/mt near the close, finally closing down 375 yuan/mt, or 1.49%, at 24,750 yuan/mt. Trading volume fell to 153,000 lots, and open interest decreased by 5,236 lots to 142,000 lots. SHFE zinc formed a bearish candlestick, suppressed by the middle Bollinger Band, as funds took profits at highs and bulls reduced their positions. On the fundamentals side, downstream orders were weak during the off-season, with some galvanizing enterprises already starting holidays, providing insufficient support for zinc prices, causing SHFE zinc to retreat from highs.

 

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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