Zinc futures prices weakened this week, and traders raised spot zinc quotations [SMM Shanghai Spot Weekly Review].

Published: Feb 6, 2026 15:47

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[This Week's Zinc Futures Weakened as Traders Raised Spot Quotes]: This week, spot premiums in Shanghai rebounded, with the weekly average price up 5 yuan/mt WoW. As of Friday, spot domestic brand zinc was at a premium of 20 yuan/mt against the 2603 contract, while the high-priced brand Shuangyan was at a premium of 100 yuan/mt against the 2603 contract.

SMM February 6: This week, Shanghai spot premiums rebounded, with the weekly average price up 5 yuan/mt WoW. As of Friday, spot premiums for ordinary domestic brand zinc ingot were 20 yuan/mt against the 2603 contract, while premiums for high-priced brand Shuangyan were 100 yuan/mt against the 2603 contract. As the Chinese New Year holiday approached, downstream enterprises gradually entered the holiday period, and zinc ingot inventory in the Shanghai market continued to accumulate. However, zinc futures prices weakened significantly during the week, prompting some downstream users to fix prices at lower levels. Traders continued to hold prices firm, leading to an increase in spot premiums in the market. Downstream enterprises had basically completed their stockpiling, and premiums were expected to be in the doldrums next week.

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