Market Longs and Shorts Intertwine, SHFE Zinc Maintains Fluctuating Trend [SMM Zinc Brief]

Published: Jul 1, 2026 17:54

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[Market bulls and bears interweave, SHFE zinc maintains fluctuating trend] The most-traded SHFE zinc 2608 contract opened at 24,555 yuan/mt, quickly touched a high of 24,560 yuan/mt after the opening, then as bulls cut positions, the price drifted lower and dipped to a low of 24,385 yuan/mt near the end of the session, finally closing down at 24,400 yuan/mt, down 185 yuan/mt, or 0.75%. Trading volume decreased to 58,730 lots, and open interest decreased by 3,447 lots to 95,485 lots .....

SMM, July 1: The most-traded SHFE zinc 2608 contract opened at 24,555 yuan/mt. After the opening, the price quickly hit a high of 24,560 yuan/mt, then bulls reduced positions and the price drifted lower. Towards the close, it dipped to a low of 24,385 yuan/mt, finally settling down at 24,400 yuan/mt, down 185 yuan/mt or 0.75%. Trading volume decreased to 58,730 lots, and open interest decreased by 3,447 lots to 95,485 lots. SHFE zinc recorded a bearish candlestick, with the 40-day and 60-day moving averages above exerting resistance and the 10-day moving average below providing support. Currently, the market is mixed with both bulls and bears, and macro uncertainty persists. Zinc prices are expected to move sideways in a range in the short term.

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