Shanghai Zinc: Zinc Futures Prices Consolidate at Highs, Spot Premiums Remain Stable [SMM Midday Commentary]

Published: Jul 24, 2026 13:43

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[Shanghai Zinc: Futures Zinc Prices Consolidate at Highs, Spot Premiums Remain Stable] Today, mainstream transaction prices for #0 zinc were concentrated at 24,655-24,735 yuan/mt, Shuangyan mainstream transactions were at 24,795-24,875 yuan/mt, and #1 zinc mainstream transactions were at 24,585-24,665 yuan/mt. In early trading, market quotes against the SMM average price showed premiums of 10-20 yuan/mt, with no quotes against futures yet...

SMM July 24 News:

Today, the mainstream transaction prices of #0 zinc were concentrated at 24,655~24,735 yuan/mt, with Shuangyan mainstream transactions at 24,795~24,875 yuan/mt and #1 zinc mainstream transactions at 24,585~24,665 yuan/mt. In early trading, market quotations against the SMM average price were at premiums of +10~+20 yuan/mt, with no quotations against the futures temporarily. In the second trading session, ordinary domestic quotations against the 2608 contract were at premiums of +20 yuan/mt, silver against the 2608 contract was +70 yuan/mt, and the premium brand Shuangyan against the 2608 contract was +160 yuan/mt. Today, the procurement sentiment for refined zinc in Shanghai was 1.98, and the shipment sentiment was 2.63. Today, SHFE zinc futures consolidated at highs. The Shanghai market had ample supply overall, with traders actively quoting for shipments, but downstream enterprises had poor orders due to off-season consumption, and a strong wait-and-see sentiment persisted. Overall, spot trades showed mediocre performance.

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