[Heavy Inventory Pressure Continues to Cap Zinc Prices on the Upside] The most-traded SHFE zinc 2605 contract opened at 23,915 yuan/mt. In early trading, as bears reduced positions, SHFE zinc gradually rose to above the daily average line and touched a high of 24,055 yuan/mt. Later, as bears added positions, SHFE zinc gradually fell below the daily average line and hit a low of 23,720 yuan/mt, finally closing down at 23,730 yuan/mt.....
Mar 17, 2026 16:27[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2604 contract opened at 23,930 yuan/mt. In early trading, SHFE zinc briefly rose to a high of 23,970 yuan/mt, then bulls reduced open interest, dragging the price center lower and leaving it in the doldrums. It touched a low of 23,820 yuan/mt during the session and finally closed down at 23,880 yuan/mt, down 25 yuan/mt, or 0.1. Trading volume fell to 29,661 lots, while open interest decreased by 531 lots to 76,786 lots.
Mar 17, 2026 08:59[SMM Morning Meeting Summary: Geopolitical Turmoil Resurfaced, LME Zinc Came Under Pressure] Overnight, LME zinc opened at $3,297.5/mt. In early trading, bears increased open interest, dragging the center of LME zinc lower as it fluctuated downward throughout the session, and it hit an intraday low of $3,255/mt during European trading hours. The center then rebounded. Trading was suspended for about three hours due to technical issues during the period. After reopening, LME zinc touched a high of $3,306.5/mt, before the center moved lower again, and it finally closed down at $3,279/mt, down $14.5/mt, a decline of 0.44%. Trading volume increased to 7,502 lots, and open interest rose by 2,947 lots to 218,000 lots.
Mar 17, 2026 08:55SMM Nickel, March 17: Macro and Market News: (1) National Bureau of Statistics (NBS): In January-February, the national economy got off to a strong start and posted a good opening. Value-added industrial output of enterprises above designated size rose 6.3% YoY, total retail sales increased 2.8%, and real estate development investment fell 11.1% YoY. (2) Trump: The US Fed should immediately hold a special meeting to cut interest rate; the war will end soon, but not this week; once the war with Iran ends, oil prices will fall rapidly like a stone. Spot market: On March 17, the SMM price of #1 refined nickel increased by 1,250 yuan/mt from the previous trading day. Spot premiums, Jinchuan #1 refined nickel averaged 6,550 yuan/mt, down 150 yuan/mt from the previous trading day; China mainstream brands of electrodeposited nickel were at -500-400 yuan/mt. Futures market: The most-traded SHFE nickel 2605 contract fluctuated upward in early trading and closed the morning session at 137,150 yuan/mt, up 0.55%. Tensions in the Middle East pushed up oil prices and intensified inflation concerns. The market expects the US Fed may slow the pace of interest rate cuts, while the US dollar continued to strengthen, forming clear pressure on nickel prices. Despite significant macro pressure, the support logic at the industry level remained unchanged, and market concerns over tightening supply of nickel intermediate products persisted. In the short term, the most-traded SHFE nickel contract is expected to move sideways in the 135,000-145,000 yuan/mt range.
Mar 17, 2026 11:41[SMM Zinc Morning Comment] Last Friday, the most-traded SHFE zinc 2604 contract opened at 24,205 yuan/mt. In early trading, SHFE zinc briefly rose to a high of 24,255 yuan/mt, then bears added to their positions, sending SHFE zinc fluctuating downward all the way to a low of 24,070 yuan/mt near the close. It finally closed down at 24,080 yuan/mt, down 60 yuan/mt, or 0.25%, with trading volume falling to 37,382 lots and open interest increasing by 1,553 lots to 76,744 lots.
Mar 16, 2026 08:51[SMM Morning Meeting Summary: US Dollar Strengthened, LME Zinc Came Under Pressure] Last Friday, LME zinc opened at $3,315.5/mt. At the beginning of the session, bulls and bears were intertwined, and LME zinc briefly rose to a high of $3,316.5/mt. Subsequently, bulls reduced their open interest, and LME zinc fluctuated downward, touching a low of $3,270.5/mt during European trading hours. পরে, the center moved up slightly and fluctuated in consolidation along the daily average line, finally closing down at $3,293.5/mt, down $21/mt, or 0.63%. Trading volume fell to 7,065 lots, and open interest decreased by 1,630 lots to 215,000 lots.
Mar 16, 2026 08:49Dear User, Greetings! In recent years, the development of the secondary zinc industry has attracted significant attention however, the domestic supply of secondary zinc oxide has become increasingly tight. In contrast, Southeast Asia boasts abundant resources of secondary zinc oxide raw materials at relatively low prices, which has prompted many Chinese enterprises to establish production facilities in the region, with a considerable number choosing Vietnam. Meanwhile, amid growing uncertainties in international trade, an increasing number of companies are relocating their plants to Vietnam to achieve integrated procurement, production, and sales, gradually forming a market trend. To keep pace with the globalization of international trade and the market development of secondary zinc oxide both domestically and overseas, and to reflect the true price fluctuations of secondary zinc oxide in the global market, SMM plans to launch the CIF Imported Secondary Zinc Oxide Payable . The SMM CIF Imported Secondary Zinc Oxide Payable is an indicative price formed and published by SMM according to this methodology, which can be used by trading parties as a reference for settling secondary zinc oxide trades from Vietnam. This price reflects the mainstream price of the CIF Imported Secondary Zinc Oxide Payable for each month. The price will be officially launched on November 28, 2025, and historical prices can be viewed simultaneously on the SMM website (smm.cn). The price will be published by 18:00 on the last working day of each month. Price Definition: The mainstream transaction price of CIF Imported Secondary Zinc Oxide Payable in actual trades during the month. Going forward, SMM will continue to monitor changes in the zinc industry chain market, optimize SMM prices, and better serve the industry! For any inquiries regarding the price, please contact Zinc Analyst Hua Lin at 021-20707885 hualin@smm.cn. SMM Information & Technology Co., Ltd. Zinc Research Team November 21, 2025
PriceNov 21, 2025 18:11Dear User, To further optimize the SMM ternary cathode precursor data service and better align it with market demands, we are adjusting the naming of certain monthly ternary precursor output data points. The specific changes are as follows: Additionally, to more precisely meet customer needs, we are now splitting the monthly output data for 7-series, 8-series, 9-series, and NCA ternary precursors, providing independent data for each series. The newly added and adjusted data points are as follows: Based on the above adjustments, the data points for the monthly output forecast values of ternary precursors have been simultaneously updated. The specific changes are as follows: Thank you for your continued attention and support for SMM's new energy and nickel data services. SMM Information & Technology Co., Ltd. New Energy and Nickel Research Team August 21, 2025
DataAug 21, 2025 20:08Dear Users: Hello: To ensure data consistency with the source and respond to customer feedback, we have expanded the unit of zinc-related import and export data in the non-ferrous metals database to the smallest level. Core changes: Units such as "10,000 mt" and "mt" have been changed to "kg". The specific details are announced as follows: I. Reasons for Adjustment Due to the need for country-specific breakdown of imports and exports, the unit has been adjusted to the smallest value To better serve customers, SMM has expanded the import and export data related to the zinc industry chain to include all countries. This will result in the previously set units such as "mt" and "10,000 mt" being unable to match data from all countries. Therefore, SMM has changed the unit to the smallest value. II. Adjustment Details III. Effective Date of Adjustment This adjustment will take effect on August 8, 2025 SMM (Shanghai Metals Market) August 4, 2025
DataAug 4, 2025 11:34