SHFE zinc remains high, waiting for subsequent macro guidance [SMM zinc futures brief comment]

Published: Jul 4, 2025 18:12

Save

[SHFE Zinc Maintains High Levels, Awaiting Further Macro Guidance]: The most-traded SHFE zinc 2508 contract opened at 22,325 yuan/mt. After the opening, SHFE zinc began to fluctuate considerably. Near the midday session, SHFE zinc dipped to 22,285 yuan/mt, then fluctuated upward all the way. Near the end of the session, it reached a high of 22,445 yuan/mt, and finally closed up at 22,410 yuan/mt...

SMM News on July 4:

The most-traded SHFE zinc 2508 contract opened at 22,325 yuan/mt. After the opening, SHFE zinc began to fluctuate considerably. As it approached the midday session, SHFE zinc dipped to 22,285 yuan/mt, then fluctuated upward all the way. As it approached the end of the session, it reached a high of 22,445 yuan/mt, and finally closed up at 22,410 yuan/mt, up 80 yuan/mt or 0.36%. Trading volume increased by 58,821 lots to 106,000 lots, and open interest increased by 360 lots to 128,000 lots. SHFE zinc recorded a bullish candlestick, with the 20-day moving average providing support below. Although downstream orders performed poorly during the off-season, the low inventory of zinc ingots on the domestic fundamentals side still supported zinc prices. During the day, SHFE zinc maintained a high level. Recently, the uncertainty of tariffs has increased, and it is necessary to continue to wait for subsequent macro guidance.

》Subscribe to view SMM metal spot historical prices

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

May 1, 2026 21:22

South32 Raises Hermosa Taylor Capex by Over 50%, Delays Production to 2028 H1

On April 30th, South32 raised the development cost estimate for the Taylor deposit at its Hermosa zinc-silver project in Arizona, US, and delayed the timeline. First-stage capital expenditure has increased by more than 50%, from $2.2 billion in the 2024 FS to $3.3 billion. First production has been delayed by one year to H2 FY2028, full production has also been pushed back to FY2031. Cost increase was mainly due to contractor underperformance, slower-than-expected construction productivity, scope changes, inflation, US tariffs and higher input costs. Progress on a key ventilation shaft is the main bottleneck now. But the company also noted that ore reserves at Taylor increased by 52%, mineral resources rose by 10%, extending the expected mine life from 28 years to around 33 years.

May 1, 2026 21:22

Apr 30, 2026 19:11

Monthly Production Declined: Refined Zinc Faces Dual Pressure from Raw Material Supply and Costs [SMM Analysis]

[Monthly Production Declined: Refined Zinc Faces Dual Pressure from Raw Material Supply and Costs] Overall, refined zinc production release in April and May fell short of expectations, mainly because as ex-China mine disruptions increased and China's ore recovery remained limited, TCs accelerated downward. Imported TCs have already dropped to $39.25/dmt, while China's weekly TCs broke below historical lows to 850 yuan/mt in metal content...

Apr 30, 2026 19:11

Apr 30, 2026 17:15

Tibet Huayu Reports 2025 Annual Growth in Zinc and Lead-Antimony, Decline in Gold Production

[Tibet Huayu 2025 Annual Report Released] On April 29, Tibet Huayu released its 2025 annual report. In 2025, the company completed zinc concentrates production of 21,300 mt in metal content, up 9.07% YoY, lead-antimony concentrates with silver content production of 19,000 mt in metal content, up 14.56% YoY, and gold concentrates of 1,002 kg, down 46.66% YoY.

Apr 30, 2026 17:15