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

Published: Sep 2, 2026 11:57

Save

[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.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

Images in this article contain AI-translated captions for reference only.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

29 mins ago

Tianjin Zinc: Zinc Prices Pull Back but Remain High, Downstream Waits on the Sidelines [SMM Midday Commentary]

[Tianjin Zinc: Zinc Prices Pull Back but Remain High, Downstream Users Mostly Wait and See] In the Tianjin market, mainstream transactions of #0 zinc ingot were at 26,320-26,750 yuan/mt, with Zijin transactions at 26,530-26,950 yuan/mt. Transactions of #1 zinc ingot were around 26,340-26,690 yuan/mt. Zijin was quoted at a premium of 70-150 yuan/mt against the 2610 contract, while Huxin was quoted at 27,825 yuan/mt. #0 zinc ingot was quoted at a discount of 50-140 yuan/mt against the 2610 contract. The Tianjin market was quoted at a discount of 55 yuan/mt against the Shanghai market.

29 mins ago

30 mins ago

Ningbo Zinc: Downstream enterprises purchase as needed, market premium changes relatively small [SMM Midday Commentary]

[Ningbo Zinc: Downstream Enterprises Purchasing as Needed, Market Premiums Relatively Unchanged] The transaction price of mainstream brand 0# zinc in the Ningbo market was around 26,405-26,745 yuan/mt. Conventional brands in Ningbo were quoted at a discount of 55 yuan/mt against the 2610 contract, a premium of 40 yuan/mt against Shanghai spot cargo, and mainstream quotes in the Ningbo area were made against the 2609 contract.

30 mins ago

36 mins ago

Guangdong zinc: Futures consolidate at highs despite a dip, spot transactions show no significant improvement [SMM midday comment]

[Guangdong: Futures consolidated at highs despite a decline, with no significant improvement in spot transactions] Mainstream transactions of Guangdong 0# zinc stood at 26,405-26,705 yuan/mt, with mainstream brands quoted at a discount of 100-50 yuan/mt against the 2610 contract, a premium of 15 yuan/mt against Shanghai spot cargo, and a narrowing Shanghai-Guangdong price spread...

36 mins ago