SHFE Zinc Center Shifts Higher as Tug-of-War Between Longs and Shorts Continues [SMM Zinc Futures Brief]

Published: May 20, 2026 17:18

Save

[SHFE Zinc Center Rises, Tug-of-War between Longs and Shorts Continues] The most-traded SHFE zinc 2606 contract opened at 24,500 yuan/mt. After the opening, bulls reduced their open interest, and the SHFE zinc center moved lower, dipping to 24,400 yuan/mt. Subsequently, bears reduced their open interest, and SHFE zinc rose all the way up, touching a high of 24,745 yuan/mt near the close. It finally settled up at 24,730 yuan/mt, gaining 225 yuan/mt or 0.92%. Trading volume increased to 14,340 lots, while open interest decreased by 494 lots to 59,621 lots.....

SMM May 20: The most-traded SHFE zinc 2606 contract opened at 24,500 yuan/mt. After the opening, bulls reduced their open interest, and the center of SHFE zinc moved lower, dipping below 24,400 yuan/mt. Subsequently, bears reduced their open interest, and SHFE zinc rose steadily, touching a high above 24,745 yuan/mt near the close, ultimately settling up at 24,730 yuan/mt, gaining 225 yuan/mt or 0.92%. Trading volume increased to 14,340 lots, while open interest decreased by 494 lots to 59,621 lots. SHFE zinc posted a bullish candlestick today. Driven by gains on LME, SHFE zinc continued to rise, but weak end-use demand in China, coupled with a sustained increase in domestic zinc inventory, exerted some downward pressure on prices. Meanwhile, the tight ore supply also provided some support, resulting in a tug-of-war between longs and shorts. SHFE zinc is expected to hover at highs in the short term.

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 to learn 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

11 hours ago

Data: SHFE, DCE market movement (Jun 09)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 09 Jun , 2026

11 hours ago

12 hours ago

LME Drives SHFE Zinc Higher, But Upside Pressure Remains [SMM Zinc Futures Brief Comment]

[LME drives SHFE zinc higher but resistance still caps upside] The most-traded SHFE zinc 2607 contract opened at 24,700 yuan/mt. After opening, SHFE zinc quickly hit a high of 24,795 yuan/mt. Subsequently, bulls reduced positions, and SHFE zinc quickly fell to 24,585 yuan/mt. Then, bears reduced positions, and SHFE zinc pared back and recovered some of its losses. It ended up at 24,760 yuan/mt, up 130 yuan/mt, or 0.53%. Trading volume fell to 98,537 lots, and open interest decreased by 2,008 lots to 89,897 lots.....

12 hours ago

China’s inventory buildup continued and SHFE zinc center pulled back [SMM Zinc Review]

[China Inventory Buildup Continues SHFE Zinc Center Pulls Back] The most-traded SHFE zinc 2607 contract opened at 24,680 yuan/mt, with bulls cutting positions at the open, then swung wildly below the daily average line. During the session, it touched a high of 24,740 yuan/mt, and near the close dipped to a low of 24,555 yuan/mt, finally ending down at 24,630 yuan/mt, a decline of 65 yuan/mt or 0.26%. Trading volume rose to 68,195 lots, and open interest fell by 4,987 lots to 91,905 lots.....

12 hours ago