Shanghai Zinc: Traders Raise Offers, Overall Trading Fails to Improve [SMM Midday Commentary]

Published: Sep 28, 2026 11:38 (GMT+8)

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[Shanghai Zinc: Traders Raised Offers, Overall Trading Unimproved] Today, mainstream transaction prices for #0 zinc were concentrated at 26,355-26,650 yuan/mt, with no transactions for Shuangyan, and mainstream transaction prices for #1 zinc were at 26,285-26,580 yuan/mt. In the morning session, cargoes with invoices dated next month were quoted at premiums of 60-70 yuan/mt against the SMM average price, with no quotes against the contract...

SMM, September 28:

Today, mainstream transaction prices for #0 zinc were concentrated at 26,355~26,650 yuan/mt, with no transactions for Shuangyan. Mainstream transaction prices for #1 zinc were at 26,285~26,580 yuan/mt. In early trading, cargoes with invoices dated next month were quoted at premiums of 60~70 yuan/mt against the SMM average price, with no quotes against futures. In the second trading session, ordinary domestic brands were quoted at premiums of 20~40 yuan/mt against the 2611 contract, silver was quoted at a premium of 100 yuan/mt against the 2610 contract, and the high-priced Shuangyan brand had no quotes against the 2610 contract. Today, the stockpiling sentiment for refined zinc in the Shanghai region was 2.0, and the shipment sentiment was 2.49. In the morning session, zinc futures prices declined MoM, and traders showed some inclination to hold prices firm. Spot quotes rose today, but downstream enterprises had largely completed pre-holiday stockpiling and mostly stayed on the sidelines today, resulting in overall lackluster spot trades.

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