Shanghai Zinc: SHFE Zinc Futures Prices Fell MoM, Limited Improvement in Spot Trading [SMM Midday Commentary]

Published: Aug 18, 2026 11:29

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[Shanghai Zinc: SHFE Zinc Futures Prices Fell MoM; Limited Improvement in Spot Transactions] Today, mainstream transaction prices for 0# zinc were concentrated at 25,575-25,765 yuan/mt; Shuangyan was mainly traded at 25,715-25,895 yuan/mt; mainstream transaction prices for #1 zinc were 25,505-25,695 yuan/mt. In early trading, the market offered at a premium of 50-60 yuan/mt against the SMM average price, with no quotes against the futures contract for the time being...

SMM News on August 18:

Today, mainstream transaction prices for 0# zinc were concentrated at 25,575-25,765 yuan/mt; Shuangyan mainly traded at 25,715-25,895 yuan/mt; and mainstream transaction prices for #1 zinc were 25,505-25,695 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 premiums of 40 yuan/mt against the 2609 contract, and the high-priced brand Shuangyan at premiums of 150 yuan/mt against the 2609 contract. Today, refined zinc purchase sentiment in Shanghai was 2, and shipment sentiment was 2.65. Today, SHFE zinc futures prices fell MoM; some downstream enterprises made purchases on a pricing basis, but most other downstream enterprises continued to expect prices to fall. Overall spot transactions improved only limitedly, traders’ spot transactions remained weak, and spot premiums lacked upward momentum.

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