Zinc Ingot Inventory Continues to Accumulate, Zinc Prices Weakened During the Day [SMM Zinc Futures Brief Review]

Published: Feb 5, 2026 18:17

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[Zinc Ingot Inventory Continues to Accumulate, Zinc Prices Weaken During the Day]: The most-traded SHFE zinc 2603 contract opened at 24,800 yuan/mt, touched a high of 24,815 yuan/mt early in the session, then fluctuated downward throughout, approaching a low of 24,390 yuan/mt near the close, and finally settled down at 24,395 yuan/mt, falling 375 yuan/mt, a decline of 1.51%.

SMM Feb. 5:

The most-traded SHFE zinc 2603 contract opened at 24,800 yuan/mt. At the beginning of the session, it touched a high of 24,815 yuan/mt, then fluctuated downward throughout the day, hitting a low of 24,390 yuan/mt near the close. It finally closed down at 24,395 yuan/mt, falling 375 yuan/mt, or 1.51%. Trading volume increased to 111,000 lots, while open interest decreased by 6,504 lots to 70,529 lots. SHFE zinc formed a bearish candlestick, with the upper Bollinger Band acting as resistance. Recently, downstream enterprises have begun holidays successively, and zinc ingot inventory continued to accumulate on Thursday. The fundamental picture of weak supply and demand remained unchanged, coupled with fading macro sentiment, leading to a noticeable weakening of SHFE zinc during the day.

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