Domestic Social Inventory Declines, SHFE Zinc Continues to Fluctuate at Highs [SMM Zinc Futures Brief Review]

Published: Jan 26, 2026 15:19

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[Domestic Social Inventory Declines, SHFE Zinc Maintains Highs] The most-traded SHFE zinc 2603 contract opened at 24,800 yuan/mt. After opening, a tug-of-war between longs and shorts kept SHFE zinc fluctuating rangebound near the daily average line, eventually closing up at 24,725 yuan/mt, an increase of 140 yuan/mt (a gain of 0.57%). Trading volume increased to 208,000 lots, while open interest rose by 1,452 lots to 122,000 lots.....

SHFE zinc's most-traded 2603 contract opened at 24,800 yuan/mt. After opening, a tug-of-war between longs and shorts kept SHFE zinc fluctuating rangebound near the daily average line. It finally closed up at 24,725 yuan/mt, an increase of 140 yuan/mt, or 0.57%. Trading volume increased to 208,000 lots, and open interest rose by 1,452 lots to 122,000 lots. SHFE zinc recorded a small bullish candlestick, supported by various moving averages below. Domestically, production cuts at some smelters and a continued decline in social inventory provided some support for zinc prices. Zinc prices are expected to fluctuate at highs in the short term.

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