Shanghai Zinc: Futures Zinc Prices Slip MoM, Some Downstream Users Price at Lows 【SMM Midday Comment】

Published: Oct 23, 2026 13:19 (GMT+8)

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[Shanghai Zinc: Futures zinc prices fell MoM, some downstream users took advantage of lower prices to place orders] Today, mainstream transaction prices for #0 zinc were concentrated at 25,280-25,440 yuan/mt, mainstream transaction prices for Shuangyan were at 25,550-25,700 yuan/mt, and mainstream transaction prices for #1 zinc were at 25,210-25,370 yuan/mt.

SMM, October 23:

Today, mainstream transaction prices for #0 zinc were concentrated at 25,280~25,440 yuan/mt, Shuangyan traded mainly at 25,550~25,700 yuan/mt, and #1 zinc traded mainly at 25,210~25,370 yuan/mt. In early trading, market quotes against the SMM average price were at premiums of 20~50 yuan/mt, with no quotes against futures. In the second trading session, ordinary domestic brands were quoted at premiums of 30~40 yuan/mt against the 2611 contract, while the high-priced Shuangyan brand was quoted at a premium of 300 yuan/mt against the 2611 contract. Today, the purchasing sentiment for refined zinc in the Shanghai region was 2.06, and the shipment sentiment was 2.64. In the morning, zinc prices on the futures market declined, prompting some downstream buyers to lock in prices at lows, while other downstream enterprises continued to expect further declines. Overall, spot trades improved only modestly, and market traders showed some divergence in quotes, with overall spot premiums lacking upward momentum.

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