Shanghai Zinc: Futures Rebound Weighs on Downstream Purchase Willingness, Spot Trades Weaken MoM [SMM Midday Commentary]

Published: Oct 12, 2026 11:39 (GMT+8)

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[Shanghai Zinc: Futures Rebound Weighs on Downstream Purchase Willingness, Spot Trades Weaken MoM] Today, mainstream transaction prices for #0 zinc were concentrated at 26,240-26,350 yuan/mt, with no trades reported for Shuangyan. Mainstream transactions for #1 zinc were at 26,170-26,280 yuan/mt. In early trading, quotes against the SMM average price stood at a premium of 70-80 yuan/mt, with no quotes against futures yet...

SMM, October 12:

Today, mainstream transaction prices for #0 zinc were concentrated at 26,240–26,350 yuan/mt, with no transactions for Shuangyan. #1 zinc was mainly traded at 26,170–26,280 yuan/mt. In early trading, market quotes against the SMM average price were at premiums of 70–80 yuan/mt, with no quotes against futures. In the second trading session, ordinary domestic brands were quoted at premiums of 70–80 yuan/mt against the 2611 contract, while high-priced brand Shuangyan had no quotes against the 2611 contract. Today, purchase willingness for refined zinc in the Shanghai region was 2.06, and shipment sentiment was 2.50. Futures zinc prices rose above 26,000 yuan/mt MoM, weakening downstream purchase willingness. Inquiries and transactions weakened today, but demand among traders remained, overall market quotes stayed firm, and most trading occurred between traders.

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