Macro Sentiment Drives SHFE Zinc Center Upward [SMM Zinc Morning Comment]

Published: Feb 11, 2026 09:05

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[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2604 contract opened at 24,410 yuan/mt. At the beginning of the session, zinc briefly fell to a low of 24,370 yuan/mt, then bulls increased positions, lifting the price center. Zinc fluctuated upward and touched a high of 24,540 yuan/mt by the end of the session, with the closing price at the intraday high. It finally settled at 24,540 yuan/mt, up 35 yuan/mt or 0.14%. Trading volume decreased to 17,804 lots, while open interest increased by 515 lots to 79,245 lots.

SMM February 11:

Overnight, the LME zinc contract opened at $3,367.5/mt. At the beginning of the session, with bulls and bears intertwined, LME zinc experienced wide swings around the daily average line, touching a low of $3,351/mt. Subsequently, bulls increased their positions, and LME zinc rose during the night session, reaching a high of $3,405/mt towards the end of the session. It finally closed up at $3,398/mt, up $14/mt, or 0.47%. Trading volume increased to 8,008 lots, and open interest rose by 1,328 lots to 231,000 lots. Overnight, LME zinc recorded a small bullish candlestick. US December retail sales unexpectedly stalled, and geopolitical risks persisted, which benefited nonferrous metals. The center of LME zinc shifted upward, and it was expected to fluctuate at highs today.

Overnight, the most-traded SHFE zinc 2604 contract opened at 24,410 yuan/mt. At the beginning of the session, SHFE zinc briefly fell to a low of 24,370 yuan/mt. Later, bulls increased their positions, and the center of SHFE zinc shifted upward. SHFE zinc fluctuated upward, reaching a high of 24,540 yuan/mt towards the end of the session. The closing price was also the intraday high, and it finally closed up at 24,540 yuan/mt, up 35 yuan/mt, or 0.14%. Trading volume decreased to 17,804 lots, and open interest increased by 515 lots to 79,245 lots. Overnight, SHFE zinc recorded a small bald-headed bullish candlestick. Fundamentally, the contradiction was not prominent, as downstream sectors had basically entered the holiday period. However, ore supply remained relatively tight. SHFE zinc mainly followed macro sentiment and was expected to fluctuate.

Data Source Statement: Except for public information, other data were processed by SMM based on public information, market communication, and SMM's internal database model, for reference only and not constituting decision-making advice.

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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