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

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[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.

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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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