Shanghai Zinc: Futures zinc prices continue to decline, spot premiums edge up [SMM midday comment]

Published: Oct 15, 2026 11:47 (GMT+8)

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[Shanghai Zinc: Futures Zinc Prices Continue to Decline, Spot Premiums Edge Up] Today, mainstream transaction prices for #0 zinc were concentrated at 25,537-25,785 yuan/mt, with no transactions for Shuangyan. Mainstream transaction prices for #1 zinc were at 25,467-25,715 yuan/mt. In early trading, the market quoted premiums of 90-100 yuan/mt against the SMM average price, with no quotes against futures yet...

SMM, October 15:

Today, mainstream transaction prices for #0 zinc were concentrated at 25,537~25,785 yuan/mt, with no transactions for Shuangyan. Mainstream transaction prices for #1 zinc were at 25,467~25,715 yuan/mt. In early trading, market quotations against the SMM average price were at premiums of 90~100 yuan/mt, with no quotations against futures. In the second trading session, ordinary domestic brands were quoted at a premium of 125 yuan/mt against the 2611 contract, while the high-priced Shuangyan brand had no quotations against the 2611 contract. Today, refined zinc purchasing sentiment in Shanghai stood at 2.16, while selling sentiment was 2.61. As zinc futures continued to decline, traders in east China showed strong willingness to hold prices firm, with some further raising spot quotations, driving spot premiums higher. However, downstream enterprises largely remained bearish on zinc futures, resulting in weak inquiry and purchasing activity today, with spot trades showing mediocre performance.

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