Ningbo Zinc: Downstream Mostly Wait-and-See, Overall Trading Turns Weaker [SMM Midday Commentary]

Published: Oct 19, 2026 11:15 (GMT+8)

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[Ningbo Zinc: Downstream Mostly Wait-and-See, Overall Trading Turns Weaker] The transaction price of mainstream brand 0# zinc in the Ningbo market was around 25,585-25,730 yuan/mt. Conventional brands in Ningbo were quoted at a premium of 55 yuan/mt against the 2611 contract and a premium of 30 yuan/mt against Shanghai spot cargo. Mainstream quotes in the Ningbo area were against the 2611 contract....

SMM, October 19:

Today, mainstream transaction prices for #0 zinc were concentrated at 25,625~25,780 yuan/mt. Shuangyan had no transactions, and #1 zinc was mainly traded at 25,555~25,710 yuan/mt. In the morning session, market quotes against the SMM average price were at premiums of 60~90 yuan/mt, with no quotes against futures. In the second trading session, ordinary domestic brands were quoted at a premium of 100 yuan/mt against the 2611 contract, while the high-priced Shuangyan brand had no quotes against the 2611 contract. Today, the purchasing sentiment for refined zinc in the Shanghai region was 1.82, and the shipment sentiment was 2.54. In the morning, zinc futures prices continued to rebound. Coupled with downstream buyers having made significant purchases at low prices last week, the market was mostly in a wait-and-see mode today, and overall spot trades turned subdued. Traders subsequently lowered their spot quotes, and premiums in east China declined overall.

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