SHFE Zinc Market Closed for Chinese New Year Holiday, Focus on Inventory Buildup During the Holiday [SMM Zinc Morning Comment]

Published: Feb 24, 2026 08:41

Save

[SMM Zinc Morning Comment: SHFE Zinc Closed for Chinese New Year Holiday, Focus on Inventory Buildup During the Holiday] Overnight, LME zinc opened at $3,383/mt, and after opening, it fluctuated around the daily average line, reaching a high of $3,392/mt during the session. Subsequently, LME zinc experienced a pullback in the night session, failing to surge again after another attempt, and by the end of the session, it touched a low of $3,341.5/mt.

SMM February 23 News:

Overnight, LME zinc opened at $3,383/mt. After the opening, SHFE zinc fluctuated around the daily average, reaching a high of $3,392/mt during the session. The night session saw LME zinc pull back, failing to break higher again and touching a low of $3,341.5/mt before closing down at $3,345.5/mt, a decrease of $32.5/mt or 0.96%. Trading volume increased to 5,900 lots, while open interest decreased by 1,496 lots to 230,000 lots. Overnight, LME zinc recorded a bearish candlestick, with support from the 5-day moving average. Despite LME zinc inventory remaining at low levels during the holiday, macro disturbances continued. On Friday, the US Supreme Court overturned Trump's emergency tariff order, after which Trump announced plans for new comprehensive tariffs. The uncertainty over the tariff plan led LME zinc to pull back from its highs.

Overnight, SHFE zinc was closed due to the Chinese New Year holiday.

Data Source Statement: Apart from publicly available information, other data is processed by SMM based on public information, market communication, and SMM's internal database model, and is provided for reference only and does not constitute 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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

4 hours ago

Macro sentiment improves, SHFE zinc rises [SMM zinc morning comment]

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2607 contract opened at 24,190 yuan/mt. Early in the session, it briefly dipped to a low of 24,020 yuan/mt, then bears reduced their positions, and the price fluctuated upward, touching a high of 24,305 yuan/mt near the close. It finally closed up at 24,265 yuan/mt, up 100 yuan/mt, a gain of 0.41%. Trading volume decreased to 60,028 lots, and open interest decreased by 1,210 lots to 79,545 lots.

4 hours ago

Easing US-Iran tensions, LME zinc center shifted higher [SMM Morning Meeting Summary]

[SMM Morning Meeting Minutes: Easing US-Iran Tensions, LME Zinc Center Moves Higher]: Overnight, LME zinc opened at $3,464/mt. It initially moved sideways along the daily average, dipping to $3,442/mt during the session. Entering the night session, bulls added positions, and LME zinc rallied all the way to reach a high of $3,534/mt near the end. It finally settled up at $3,525.5/mt, up $57/mt, or 1.64%. Trading volume fell to 14,639 lots, and open interest increased by 4,214 lots to 238,000 lots.

4 hours ago

20 hours ago

Data: SHFE, DCE market movement (Jun 11)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 11 Jun , 2026

20 hours ago