Shanghai Zinc: Downstream Fear of High Prices Leads to Poor Purchase Willingness, Overall Trading Shows Mediocre Performance [SMM Midday Commentary]

Published: Oct 28, 2026 11:29 (GMT+8)

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[Shanghai Zinc: Downstream purchase willingness weak amid high prices; overall trading mediocre] Today, mainstream transaction prices for #0 zinc were concentrated at 25,830-25,945 yuan/mt, Shuangyan traded at 26,090-26,835 yuan/mt, and #1 zinc mainstream transactions were at 25,760-25,875 yuan/mt. In the morning session, offers for cargoes with invoices dated next month were at a premium of -10 to 0 yuan/mt against the SMM average price, with no quotes against the futures contract yet.

SMM News on October 28:

Today, mainstream transaction prices for 0# zinc were concentrated at 25,830-25,945 yuan/mt; Shuangyan traded at 26,090-26,835 yuan/mt; and mainstream #1 zinc traded at 25,760-25,875 yuan/mt. In early trading, the market quoted spot premiums of -10-0 yuan/mt for cargoes with invoices dated next month against the SMM average price, with no quotes against the futures. In the second trading session, ordinary domestic brands were quoted at premiums of -10-10 yuan/mt against the 2611 contract, while the high-priced brand Shuangyan was quoted at premiums of 250-300 yuan/mt against the 2612 contract. Today, refined zinc procurement sentiment in Shanghai stood at 1.94, and shipments sentiment was 2.69. In the morning session, zinc futures prices continued to rise. High zinc prices suppressed downstream enterprise procurement sentiment. Overall spot trades remained sluggish today, and spot quotations from market traders stayed at low levels, with spot premiums in the doldrums.

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