Shanghai Zinc: Futures zinc prices rebound, downstream purchase willingness weakens [SMM Midday Commentary]

Published: Oct 16, 2026 11:54 (GMT+8)

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[Shanghai Zinc: Futures Zinc Prices Rebound, Downstream Purchase Willingness Weakens] Today, mainstream transaction prices for #0 zinc were concentrated at 25,480-25,735 yuan/mt, with no transactions for Shuangyan, and mainstream transactions for #1 zinc were at 25,467-25,715 yuan/mt. In the morning session, market quotes were at a premium of 90-100 yuan/mt against the SMM average price, with no quotes against futures yet...

SMM, October 16:

Today, mainstream transaction prices for #0 zinc were concentrated at 25,480~25,735 yuan/mt, with no transactions for Shuangyan. #1 zinc was mainly traded at 25,467~25,715 yuan/mt. In the morning session, market quotes against the SMM average price were at premiums of 90~100 yuan/mt, with no quotes against futures. In the second trading session, ordinary domestic brands were quoted at premiums of 120~130 yuan/mt against the 2611 contract, while the high-priced Shuangyan brand had no quotes against the 2611 contract. Today, the purchase sentiment for refined zinc in the Shanghai region was 2.06, and the shipment sentiment was 2.55. In the morning, zinc prices rebounded from lows, downstream inquiries and purchase willingness weakened, and with more dip-buying in the earlier period, plants had raw material inventory. Today, spot purchases were basically made as needed, and trader quotes remained basically stable from yesterday.

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