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

Published: Jun 9, 2026 16:06

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[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.....

SMM, June 9 – The most-traded SHFE zinc 2607 contract opened at 24,700 yuan/mt. After opening, SHFE zinc quickly rallied to a high of 24,795 yuan/mt, before bulls reduced positions, causing SHFE zinc to plummet to 24,585 yuan/mt. Subsequently, bears covered positions, prompting SHFE zinc to rebound and recoup partial losses. It finally closed up at 24,760 yuan/mt, gaining 130 yuan/mt or 0.53%. Trading volume decreased to 98,537 lots, while open interest fell by 2,008 lots to 89,897 lots. SHFE zinc continued to register a bullish candlestick, with the 5-day and 20-day moving averages above exerting resistance, and the 40-day and 60-day moving averages below providing support. Buoyed by LME gains, SHFE zinc fluctuated higher, but high domestic inventory pressure and off-season demand are expected to cap its upside.

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