Guangdong zinc: Futures consolidate at highs despite a dip, spot transactions show no significant improvement [SMM midday comment]

Published: Sep 2, 2026 11:50

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[Guangdong: Futures consolidated at highs despite a decline, with no significant improvement in spot transactions] Mainstream transactions of Guangdong 0# zinc stood at 26,405-26,705 yuan/mt, with mainstream brands quoted at a discount of 100-50 yuan/mt against the 2610 contract, a premium of 15 yuan/mt against Shanghai spot cargo, and a narrowing Shanghai-Guangdong price spread...

SMM, September 2: Guangdong 0# zinc mainly traded at 26,405-26,705 yuan/mt, with mainstream brands quoted at a discount of 100-50 yuan/mt against the 2610 contract and a premium of 15 yuan/mt against Shanghai spot cargo. The Shanghai-Guangdong price spread narrowed. Today, suppliers quoted discounts of 100-50 yuan/mt for Qilin, Mengzi, Danxia, and Anning. Today, the purchasing sentiment for refined zinc in Guangdong was 1.7, and the sales sentiment was 2.34. Although the zinc price center pulled back today, it still consolidated at highs above 26,000 yuan/mt. High prices dampened downstream purchasing enthusiasm, and market transactions remained light.

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