Shanghai Zinc: Futures consolidate at highs, downstream stays cautious amid high prices [SMM Midday Commentary]

Published: Sep 9, 2026 11:56

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[Shanghai Zinc: Futures Consolidate at Highs; Downstream Stays Cautious] Today, mainstream transaction prices for #0 zinc were concentrated at 27,285-27,440 yuan/mt, with no transactions for Shuangyan, while #1 zinc was mainly traded at 27,215-27,370 yuan/mt. In early trading, quotes against the SMM average price were at premiums of 40-50 yuan/mt, with no quotes against futures yet...

SMM, September 9:

Today, mainstream transaction prices for #0 zinc were concentrated at 27,285~27,440 yuan/mt, with no transactions for Shuangyan, while #1 zinc was mainly traded at 27,215~27,370 yuan/mt. In the morning session, market quotes 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 a discount of 60 yuan/mt against the 2610 contract, silver was quoted at a discount of 50 yuan/mt against the 2610 contract, and the high-priced Shuangyan brand had no quotes against the 2610 contract. Today, the purchasing sentiment for refined zinc in the Shanghai region was 1.78, while the selling sentiment was 2.46. In the morning, zinc ingot prices consolidated at highs on the futures market, continuing to suppress downstream purchasing sentiment. Today, downstream enterprises remained mostly on the sidelines, the overall spot market atmosphere was sluggish, spot trades were mainly between traders, and market premiums remained weak.

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