Market Tug-of-War Between Longs and Shorts, Prices Continue to Consolidate at Highs [SMM Zinc Futures Brief]

Published: Jun 30, 2026 17:27

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[Tug-of-War Between Longs and Shorts, Prices Continue to Consolidate at Highs] The most-traded SHFE zinc 2608 contract opened at 24,280 yuan/mt. After the opening, bulls reduced positions, pushing SHFE zinc down to test a low of 24,125 yuan/mt. Subsequently, amid the tug-of-war between longs and shorts, SHFE zinc consolidated below the daily average line. At the end of the session, bears reduced positions, and SHFE zinc continued to rise to touch a high of 24,385 yuan/mt. It finally closed up at 24,350 yuan/mt, up 60 yuan/mt or 0.25%. Trading volume increased to 71,463 lots, while open interest decreased by 3,921 lots to 95,454 lots.....

SMM June 30 news: The most-traded SHFE zinc 2608 contract opened at 24,280 yuan/mt. After the opening, bulls reduced their positions, causing SHFE zinc to decline and dip to a low of 24,125 yuan/mt. Subsequently, amid a tug-of-war between longs and shorts, SHFE zinc consolidated below the daily moving average. Towards the close, bears reduced their positions, and SHFE zinc kept rising to touch a high of 24,385 yuan/mt, finally closing up at 24,350 yuan/mt, up 60 yuan/mt, or 0.25%. Trading volume increased to 71,463 lots, while open interest decreased by 3,921 lots to 95,454 lots. SHFE zinc formed a bullish candlestick with a long lower shadow, with the 20- and 60-day moving averages above forming resistance and the lower Bollinger Band below providing support. Currently, the market is caught in a tangle of bulls and bears. Low zinc concentrate TCs continue to support prices, but sluggish end-use consumption presents some headwinds to price rises. Prices are expected to continue consolidating at highs in the short term.

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