Shanghai Zinc: Futures Zinc Prices Consolidate at Highs, Downstream Enterprises Purchase on Demand [SMM Midday Commentary]

Published: Sep 4, 2026 13:24

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[Shanghai Zinc: Futures Zinc Prices Consolidate at Highs, Downstream Enterprises Purchase on Demand] Today, mainstream transaction prices for #0 zinc were concentrated at 26,655-26,800 yuan/mt, with no transactions for Shuangyan, and mainstream transaction prices for #1 zinc were at 26,585-26,730 yuan/mt. In early trading, the market quoted a premium of 50-60 yuan/mt against the SMM average price, with no quotes against futures yet...

SMM, September 4:

Today, mainstream transaction prices for #0 zinc were concentrated at 26,655~26,800 yuan/mt, with no transactions for Shuangyan. Mainstream transaction prices for #1 zinc were 26,585~26,730 yuan/mt. In early trading, market quotes against the SMM average price were at premiums of 50~60 yuan/mt, with no quotes against futures. In the second trading session, ordinary domestic brands were quoted at discounts of 50~40 yuan/mt against the 2610 contract, silver was quoted at a discount of 20 yuan/mt against the 2610 contract, and the high-priced Shuangyan brand had no quotes against the 2610 contract. Today, the purchasing sentiment for refined zinc in the Shanghai region was 1.84, and the selling sentiment was 2.53. In the morning, SHFE zinc futures consolidated at highs, terminal orders at downstream enterprises remained weak, and spot transactions were largely need-based. Overall spot trading was moderate, with traders selling at quoted prices in a laid-back manner, and market premiums saw relatively small changes.

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