Shanghai Zinc: Futures Zinc Prices Pull Back MoM, Overall Trading Improves [SMM Midday Commentary]

Published: Oct 13, 2026 11:31 (GMT+8)

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[Shanghai Zinc: Futures Zinc Prices Pull Back MoM, Overall Trading Improves] Today, mainstream transaction prices for #0 zinc were concentrated at 25,835-26,050 yuan/mt, with no transactions for Shuangyan. Mainstream transaction prices for #1 zinc were at 25,765-25,980 yuan/mt. In early trading, offers against the SMM average price were at a premium of 80-90 yuan/mt, with no quotes against futures...

SMM, October 13:

Today, mainstream transaction prices for #0 zinc were concentrated at 25,835~26,050 yuan/mt. Shuangyan saw no transactions, while #1 zinc was mainly traded at 25,765~25,980 yuan/mt. In the morning session, market quotes against the SMM average price stood at premiums of 80~90 yuan/mt, with no quotes against futures. In the second trading session, ordinary domestic brands were quoted at premiums of 90~100 yuan/mt against the 2611 contract, while the high-priced Shuangyan brand had no quotes against the 2611 contract. Today, refined zinc purchasing sentiment in Shanghai was 2.18, and selling sentiment was 2.53. Futures zinc prices pulled back MoM to below 26,000 yuan/mt. Some downstream buyers took advantage of lower prices to settle deals, but most remained bearish. Overall spot trades improved MoM, traders continued to raise spot quotes, and premiums in east China rose MoM.

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