No prominent contradictions in fundamentals SHFE zinc mainly fluctuates [SMM Zinc Futures Brief Review]

Published: Jan 20, 2026 17:22

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[No Prominent Contradictions in Fundamentals, SHFE Zinc Mainly Fluctuates]: The most-traded SHFE zinc 2603 contract opened at 24,440 yuan/mt. At the beginning of the session, SHFE zinc briefly rose, touching a high of 24,515 yuan/mt, before bulls reduced their positions, leading SHFE zinc to decline and probe a low of 24,275 yuan/mt. It then fluctuated along the daily average line, consolidating overall, and finally closed down at 24,410 yuan/mt, dropping 40 yuan/mt, a decrease of 0.16%. Trading volume fell to 143,000 lots, and open interest decreased by 2,784 lots to 126,000 lots.

SMM January 20 Report:

The most-traded SHFE zinc 2603 contract opened at 24,440 yuan/mt. At the beginning of the session, SHFE zinc briefly rose to a high of 24,515 yuan/mt. Subsequently, as bulls reduced their positions, SHFE zinc fell to a low of 24,275 yuan/mt. It then oscillated around the daily average, mainly consolidating, and finally closed down at 24,410 yuan/mt, a decrease of 40 yuan/mt or 0.16%. Trading volume dropped to 143,000 lots, and open interest decreased by 2,784 lots to 126,000 lots. SHFE zinc recorded a small bullish candlestick. With no prominent fundamental contradictions, social inventory began to build up as downstream demand gradually weakened. However, due to profit constraints, smelter production resumptions were limited, providing support to zinc prices. Meanwhile, macro sentiment pulled back slightly, leading SHFE zinc to drop back slightly. It is expected that SHFE zinc will mainly fluctuate during the night session.

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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