Shanghai Zinc: Downstream mostly remains bearish, overall spot zinc transactions show no significant improvement [SMM Midday Commentary]

Published: Sep 2, 2026 11:57

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[Shanghai Zinc: Downstream mostly remains bearish, overall spot transactions show no significant improvement] Today, mainstream transaction prices for #0 zinc were concentrated at 26,405-26,765 yuan/mt, with no transactions for Shuangyan, and mainstream transaction prices for #1 zinc were at 26,810-27,030 yuan/mt. In early trading, the market quoted a premium of 40-50 yuan/mt against the SMM average price, with no quotes against the contract...

SMM, September 2:

Today, mainstream transaction prices for #0 zinc were concentrated at 26,405~26,765 yuan/mt, with no transactions for Shuangyan. #1 zinc was mainly traded at 26,810~27,030 yuan/mt. In early trading, market quotations against the SMM average price were at premiums of 40~50 yuan/mt, with no quotes against futures. In the second trading session, ordinary domestic brands were quoted at discounts of 50~40 yuan/mt against the 2610 contract, silver was quoted at a discount of 0 yuan/mt against the 2610 contract, and the high-priced Shuangyan brand had no quotes against the 2609 contract. Today, the purchasing sentiment for refined zinc in Shanghai was 1.96, and the shipment sentiment was 2.54. In the morning, SHFE zinc futures prices fell significantly MoM to around 26,500 yuan/mt. Some downstream enterprises made purchases as needed, but most others continued to expect lower zinc prices. Overall, spot trades improved only modestly today, and spot premiums lacked upward momentum.

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