Zinc Concentrate TCs Continue to Pull Back, Zinc Prices Maintain a Fluctuating Trend [SMM Zinc Futures Briefing]

Published: Jul 3, 2026 17:42

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[TCs Continue to Pull Back, Zinc Prices Maintain Fluctuating Trend] The most-traded SHFE zinc 2608 contract opened at 24,215 yuan/mt, then dipped to 24,180 yuan/mt during the session. Subsequently, bears reduced positions, pushing prices higher to touch 24,430 yuan/mt. However, bulls then cut positions, causing prices to pull back and fluctuate around a center of 24,315 yuan/mt. The contract eventually closed up at 24,295 yuan/mt, a gain of 85 yuan/mt, or 0.35%. Trading volume increased to 63,712 lots, while open interest decreased by 2,246 lots to 90,310 lots...

SMM July 3: The most-traded SHFE zinc 2608 contract opened at 24,215 yuan/mt, then dipped to a low of 24,180 yuan/mt. Subsequently, bears reduced their open interest, driving prices to drift higher to a high of 24,430 yuan/mt. However, bulls then reduced their positions, causing prices to pull back and consolidate around a center of 24,315 yuan/mt. The contract finally closed up at 24,295 yuan/mt, an increase of 85 yuan/mt, or 0.35%. Trading volume rose to 63,712 lots, and open interest decreased by 2,246 lots to 90,310 lots. SHFE zinc recorded a bullish candlestick with a long upper shadow, facing resistance from the 40- and 60-day moving averages above, while finding support from the lower Bollinger Band below. The current market is caught between bulls and bears, with mediocre end-use consumption and persistently falling TCs, zinc prices continue to consolidate at highs.

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