SHFE zinc fluctuates at highs intraday; attention on subsequent export window [SMM zinc futures brief commentary]

Published: Apr 16, 2026 16:44

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[Intraday SHFE Zinc Fluctuated at Highs, Export Window Worth Watching]: The most-traded SHFE zinc 2605 contract opened at 23,910 yuan/mt. After the opening, SHFE zinc fluctuated around the daily average line. It touched a high of 24,000 yuan/mt early in the session, then dipped to a low of 23,855 yuan/mt during the session, and finally closed higher at 23,905 yuan/mt, up 5 yuan/mt or 0.02%.

SMM, April 16:

The most-traded SHFE zinc 2605 contract opened at 23,910 yuan/mt. After the opening, SHFE zinc fluctuated around the daily average line, touching a high of 24,000 yuan/mt early in the session and dipping to a low of 23,855 yuan/mt during the session, before eventually closing up at 23,905 yuan/mt, gaining 5 yuan/mt or 0.02%. Trading volume decreased to 42,067 lots, and open interest fell by 3,676 lots to 67,340 lots. SHFE zinc posted a bearish doji, with the upper Bollinger Bands forming resistance. The US dollar weakened, and non-ferrous metal prices rose during the session, driving zinc prices higher. However, spot consumption in China showed mediocre performance, and domestic zinc ingot inventory continued to accumulate. Intraday gains in SHFE zinc were limited. The SHFE/LME price ratio continued to deteriorate recently. Attention should be paid to the subsequent zinc ingot export window situation.

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.

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