Shanghai Zinc: Futures Market Declines Significantly, Some Downstream Buyers Price on Dips [SMM Midday Review]

Published: Feb 25, 2025 11:53

Save

[Shanghai Zinc: Futures Market Declined Significantly, Some Downstream Buyers Priced on Dips] Today, mainstream transaction prices for 0# zinc were concentrated at 23,550-23,690 yuan/mt, with no transactions for Shuangyan. Mainstream transaction prices for 1# zinc were at 23,480-23,620 yuan/mt. In the morning session, the market quoted a premium of 0-10 yuan/mt against the average price, with fewer quotes against the futures market...

SMM February 25 News: Today, the mainstream transaction prices of 0# zinc were concentrated at 23,550-23,690 yuan/mt, with no transactions for Shuangyan. The mainstream transaction prices of #1 zinc were at 23,480-23,620 yuan/mt. In the early trading session, the market quoted spot premiums of 0-10 yuan/mt against the average price, with fewer quotes against futures. During the second trading session, ordinary domestic zinc was quoted at discounts of 20-0 yuan/mt against the 2503 contract, Huize was quoted at a premium of 100 yuan/mt against the 2503 contract, Baiyin was quoted at parity against the 2503 contract, and high-priced brand Shuangyan had no quotes against the 2503 contract. Shanghai warehouse inventories continued to increase, and the futures market saw a significant decline compared to yesterday. Some market traders stood firm on quotes and raised spot premium quotations. Although some downstream enterprises took advantage of the low prices to make purchases, most downstream enterprises procured raw materials based on orders, resulting in limited overall improvement in transactions.

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

1 hour ago

How Should Zinc Consumption Be Viewed Against the Backdrop of Geopolitical Conflicts?

[How Should Zinc Consumption Be Viewed Against the Backdrop of Geopolitical Conflicts?] Q1 2026 had passed, and the overall recovery in post-holiday consumption was somewhat delayed. How would consumption perform going forward?

1 hour ago

Southwest China Mine Sets Lower Zinc Concentrate Tender Price for April

[Zinc Concentrate Tender] According to SMM, a mine in Southwest China recently set the April tender price for zinc concentrates at nearly 1,400 yuan/mt in metal content, self pick-up at the mine, down by no more than 100 yuan/mt in metal content MoM. SMM will continue to monitor subsequent changes in TCs.

1 hour ago

3 hours ago

LME Zinc Cancelled Warrants Increased Significantly

On April 2, 2026, LME zinc inventory fell by 275 mt to 113,950 mt, down 0.24%, while cancelled warrants surged by 26,925 mt, up 301.87%, bringing the overall cancelled warrant ratio to 23.63%. Warehouse data showed that the increases were mainly concentrated in Singapore and Kaohsiung. Current overall zinc inventory remained at a relatively low level, while LME Cash-3M maintained a mild contango structure, so attention should be paid to subsequent actual inventory changes and structural risks.

3 hours ago