Shanghai Zinc: SHFE Zinc Futures Consolidate at Highs, Downstream Enterprises Remain Cautious [SMM Midday Commentary]

Published: Aug 11, 2026 12:11

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[Shanghai Zinc: SHFE Zinc Futures Prices Consolidate at Highs, Downstream Enterprises Remain on the Sidelines] Today, mainstream transaction prices were concentrated in the following ranges: #0 zinc (25,545-25,710 yuan/mt), Shuangyan (25,685-25,840 yuan/mt), and #1 zinc (25,475-25,640 yuan/mt). In early trade, offers were at a premium of 40-50 yuan/mt against the SMM average price, while no quotes against the futures contract were yet available...

SMM News, August 11:

Mainstream transaction prices for #0 zinc today were concentrated at 25,545–25,710 yuan/mt. Shuangyan mainly traded at 25,685–25,840 yuan/mt, and #1 zinc mainstream transactions were at 25,475–25,640 yuan/mt. In the morning session, quotations against the SMM average price were at premiums of 40–50 yuan/mt, with no quotes yet against the futures. In the second session, ordinary domestic brands were quoted at premiums of 10–20 yuan/mt against the 2609 contract, silver at a premium of 50 yuan/mt against the 2609 contract, and the high-priced Shuangyan brand at a premium of 150 yuan/mt against the 2609 contract. In the Shanghai region today, the purchasing sentiment for refined zinc was 1.86 and shipment sentiment was 2.58. SHFE zinc futures consolidated at highs today, keeping downstream enterprises cautious and in a wait-and-see mode amid persistent high prices. Combined with weak off-season orders, overall inquiry interest was poor. Traders faced difficulties in selling, leaving overall spot trades sluggish.

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