Shanghai Zinc: Futures Zinc Prices Edge Down, Market Premiums Continue to Rise [SMM Midday Review]

Published: Jul 20, 2026 11:48

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[Shanghai Zinc: Futures Zinc Prices Edge Down, Market Premiums Continue to Rise] Today, #0 zinc mainstream transaction prices were concentrated at 24,275-24,620 yuan/mt, Shuangyan traded mainly at 24,365-24,690 yuan/mt, and #1 zinc traded at 24,205-24,550 yuan/mt. In early trading, offers against the SMM average price were at a premium of 50-60 yuan/mt, with no quotes against futures yet...

SMM July 20 News:

Today, #0 zinc mainstream transaction prices were concentrated at 24,275-24,620 yuan/mt, Shuangyan mainly traded at 24,365-24,690 yuan/mt, and #1 zinc mainstream transaction prices were at 24,205-24,550 yuan/mt. In the morning session, spot cargoes were quoted at premiums of 50-60 yuan/mt against the SMM average price, with no quotes against futures yet. During the second trading session, common domestic brands were quoted at premiums of 40-60 yuan/mt against the 2608 contract, silver at a premium of 70 yuan/mt against the 2608 contract, and the higher-priced Shuangyan brand at a premium of 130 yuan/mt against the 2608 contract. Refined zinc purchasing sentiment in the Shanghai region was 2.04 today, while shipment sentiment was 2.59. SHFE zinc futures prices moved down MoM today; some downstream buyers locked in prices for purchases starting last Friday night, but most others continued to expect lower SHFE zinc prices. Overall, fixed-price purchases were relatively muted today, but trader quotes in the market remained firm. Some suppliers continued to raise spot premiums, and overall trading activity showed no significant improvement.

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