Futures prices rose significantly, but spot cargo transactions were weak this week [SMM Ningbo spot weekly review]

Published: Aug 7, 2026 14:13

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[Futures Prices Rose Significantly, Spot Transactions Were Poor This Week]: This week, spot premiums in Ningbo rose first and then fell, with the overall average price up 15 yuan/mt WoW. As of this Friday, spot prices in Ningbo against the 2609 contract were quoted at a premium of 10 yuan/mt, and against the Shanghai premium at a premium of 40 yuan/mt..

SMM August 7 news:

This week, Ningbo spot premiums first rose then fell, with the overall average up 15 yuan/mt WoW. As of this Friday, Ningbo spot premiums stood at a premium of 10 yuan/mt against the 2609 contract and a premium of 40 yuan/mt against the Shanghai premium. During the week, zinc ingot supply in the Ningbo market was relatively ample. In the first half of the week, SHFE zinc futures prices consolidated, suppliers held firm on offers, and spot premiums edged higher. In the second half, as SHFE zinc futures prices quickly surged to around 26,000 yuan/mt, downstream enterprises' procurement sentiment turned increasingly cautious, trading activity gradually cooled, and some suppliers slightly lowered their premium offers to boost shipments, driving spot premiums to pull back. Next week, Ningbo spot premiums are expected to mainly consolidate on a subdued note.

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