Shanghai Zinc: SHFE Zinc Futures Consolidate, Spot Premiums Steady MoM [SMM Midday Commentary]

Published: Jul 28, 2026 13:24

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[Shanghai Zinc: SHFE Zinc Futures Consolidate, Spot Premiums Stable MoM] Today, mainstream transaction prices for #0 zinc were concentrated at 24,700-24,735 yuan/mt, Shuangyan mainstream transactions were at 24,850-24,975 yuan/mt, and #1 zinc mainstream transactions were at 24,630-24,665 yuan/mt. In early trading, offers for cargoes with invoices dated next month against the SMM average price were at premiums of 10-30 yuan/mt, with no quotes against futures yet...

SMM July 27:

Today, #0 zinc mainstream transaction prices were concentrated at 24,700~24,735 yuan/mt, Shuangyan mainstream transactions were at 24,850~24,975 yuan/mt, and #1 zinc mainstream transactions were at 24,630~24,665 yuan/mt. In early trading, the market quoted premiums of +10~+30 yuan/mt against the SMM average price for cargoes with invoices dated next month, with no quotes against the futures. In the second trading session, ordinary domestic brand quotations against the 2609 contract were -20 yuan/mt, Silver against the 2608 contract were +100 yuan/mt, and the high-priced brand Shuangyan against the 2608 contract were +160 yuan/mt. Today, the procurement sentiment for refined zinc in Shanghai was 2.08, and the shipment sentiment was 2.63. Today, SHFE zinc futures prices consolidated at highs, and traders’ quotations were basically flat compared with yesterday. However, downstream enterprises’ off-season orders remained weak. Today’s spot procurement was still on an as-needed basis, and overall spot transactions showed no improvement.

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