Shanghai Zinc: Futures Prices Rose Significantly, While Market Trading Was Sluggish [SMM Midday Commentary]

Published: Aug 17, 2026 13:24

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[Shanghai Zinc: Futures Prices Rose Significantly, While Market Trading Remained Sluggish] Today, mainstream transaction prices of 0# zinc were concentrated at 25,765-25,985 yuan/mt; Shuangyan was mainly traded at 25,905-26,115 yuan/mt; mainstream #1 zinc was mainly traded at 25,695-25,915 yuan/mt. In early trading, the market offered premiums of 50-60 yuan/mt against the SMM average price, while no quotes were available against the futures contract...

SMM reported on August 17:

Today, mainstream transaction prices for 0# zinc were concentrated at 25,765-25,985 yuan/mt; Shuangyan was mainly traded at 25,905-26,115 yuan/mt; and mainstream transaction prices for #1 zinc were 25,695-25,915 yuan/mt. In early trading, the market quoted spot premiums of 50-60 yuan/mt against the SMM average price, with no quotes against the futures contract for the time being. In the second trading 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 brand Shuangyan at a premium of 150 yuan/mt against the 2609 contract. Today, refined zinc purchase sentiment in the Shanghai area was 1.82, and shipments sentiment was 2.59. Today, SHFE zinc futures prices rose markedly, downstream enterprise fear of high prices intensified, and purchase willingness on price inquiries was poor. Trader shipments were sluggish, spot premiums were in the doldrums, and overall trading was mostly among traders.

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