Geopolitical Conflicts Intensify SHFE Zinc Rises During Daytime [SMM Zinc Futures Brief]

Published: Mar 2, 2026 16:51

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[Geopolitical Tensions Intensify SHFE Zinc Rises During Daytime]: The Most-Traded SHFE Zinc 2604 Contract Opened at 24,590 Yuan/mt. After Opening, SHFE Zinc Fluctuated and Rose, Reaching a Low of 24,425 Yuan/mt Early in the Session and Peaking at 24,880 Yuan/mt Towards the End, Finally Closing Up at 24,850 Yuan/mt.

SMM March 2 Update:

The most-traded SHFE zinc 2604 contract opened at 24,590 yuan/mt. After the opening, SHFE zinc fluctuated and rose, hitting a low of 24,425 yuan/mt at the beginning of the session and reaching a high of 24,880 yuan/mt towards the end. It finally closed up at 24,850 yuan/mt, an increase of 405 yuan/mt or 1.66%. Trading volume increased by 60,694 lots to 124,000 lots, while open interest decreased by 3,489 lots to 95,630 lots. SHFE zinc recorded a bullish candlestick, with the upper Bollinger Band forming resistance. Despite SMM zinc ingot inventory continuing to accumulate above 250,000 mt on Monday, indicating strong supply and weak demand on the fundamentals side, macro disturbances re-emerged. Geopolitical tensions escalated, and shipping in the Strait of Hormuz was disrupted, sparking market concerns over subsequent transportation. Non-ferrous metals generally rose, and it is expected that the night session will maintain a fluctuating trend.

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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