[SMM Zinc Morning Review] Positive Policy Guidelines Helped Most Nonferrous Metals Prices Rise, Zinc Prices Closed Higher

Published: Jul 26, 2023 10:00

Source: SMM

Save

Overnight, LME zinc closed up $73/mt or 3.02% at $2,493/mt. The trading volume was 12,717 lots, and open interest added 4,042 lots to 199,000 lots. China has promised to strengthen its policy support for the economy. Meanwhile, the confidence of US consumers has improved. And the IMF expects the global economy to grow. The market was optimistic, and most of nonferrous metals rose.

Last night, the most active SHFE zinc contract prices settled at 20,630 yuan/mt, up 330 yuan/mt or 1.63%. The trading volume was 93,000 lots, and open interest gained 532 lots to 130,000 lots. Favorable domestic policies continued to guide the market sentiment, and SHFE zinc prices rose sharply. However, the current domestic production of zinc ingots is stable, and imported zinc continued to arrive. This, combined with slow growth in consumption, undermined support for zinc prices.

More popular news:

Shenzhen Released 24 Measures To Support High-Quality Development Of Foreign Trade

Citi Research Cautious about Copper Prices in Three Quarters, Iron Ore Prices to Have Support from Policy Stimulus

SMM Daily Comments (Jul 3): SHFE Base Metals Rose across the Board with Tin Surging, Ferrous Metals Prices Closed Mixed

SMM Daily Comments (Jul 5): Base and Ferrous Metals Prices Mostly Fell, WTI Soared despite Lingering Concerns over Global Economic Downturn

SMM Daily Comments (Jul 6): SHFE, LME Base Metals Diverged with SHFE Nickel and Tin Skyrocketing, Ferrous Metals Rose across the Board

China Commodity Supply and Demand Boomed in June

China Vows To Increase Macro-Control Efforts, Expand Consumption And Stabilise Investment

Citi Research Cautious about Copper Prices in Three Quarters, Iron Ore Prices to Have Support from Policy Stimulus

Copper Inventories in China Bonded Zones Plunged This Week

SAIC: Car Sales in June Rose to Highest for The Year

Futures market Market forecast Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Mar 13, 2026 18:52

North China Mine Sets March Zinc Concentrates Tender at 2,300 Yuan/mt with Profit-Sharing

[Zinc Concentrates Tender] According to SMM, the March tender price for self pick-up at the mine for zinc concentrates at a mine in North China was around 2,300 yuan/mt in metal content (including the 20/80 profit-sharing arrangement), with the enriched metal not priced. SMM will continue to monitor subsequent changes in processing fees.

Mar 13, 2026 18:52

Zinc Concentrates Market Faces Supply Concerns as Disruptions in Iran, Australia Persist

[Imported Zinc Concentrates Market] Disruptions in Iran and Australia persisted recently, and the market’s concern over zinc concentrates supply continued. This week, traders of imported zinc ore continued to lower spot quotes. It was learned that some recent offers for bulk cargoes of zinc-rich zinc concentrates fell to negative prices.

Mar 13, 2026 18:52

Mar 13, 2026 16:58

Secondary Zinc Oxide Payables Remained Relatively Firm, How Will They Perform in March [SMM Analysis]

Secondary Zinc Oxide Production Fell in February, While Secondary Zinc Oxide Payables Remained Relatively Firm. What Trend Will Secondary Zinc Oxide Show in March?

Mar 13, 2026 16:58