Shanghai Zinc: Zinc prices hit a new high for the year; downstream remains cautious and on the sidelines [SMM Midday Commentary]

Published: Sep 8, 2026 11:42

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[Shanghai Zinc: Zinc Prices Hit a New High for the Year; Downstream Users Remain Cautious and Stay on the Sidelines] Today, mainstream transaction prices for #0 zinc were concentrated at 27,280-27,660 yuan/mt, with no transactions for Shuangyan. Mainstream transaction prices for #1 zinc were at 26,210-27,590 yuan/mt. In the morning session, market quotes were at a premium of 40-50 yuan/mt against the SMM average price, with no quotes against the futures contract yet...

SMM, September 8:

Today, mainstream transaction prices for #0 zinc were concentrated at 27,280~27,660 yuan/mt. Shuangyan saw no deals. #1 zinc was mainly traded at 26,210~27,590 yuan/mt. In early trading, market quotes against the SMM average price were at premiums of 40~50 yuan/mt, with no quotes against futures. In the second trading session, ordinary domestic brands were quoted at a discount of 60 yuan/mt against the 2610 contract, silver was quoted at a discount of 50 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 1.74, while the selling sentiment was 2.50. In the morning, SHFE zinc futures prices rose again to hit a yearly high. Downstream users showed strong fear of high prices, and with no clear improvement in end-user orders, they continued to stay on the sidelines and refrained from purchasing. Traders were similarly laid-back about selling, leaving overall spot market trading sluggish.

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