Shanghai Zinc: Zinc futures prices edged down, some traders raised spot zinc offers [SMM Midday Review]

SMM July 13: Mainstream transaction prices for #0 zinc today were concentrated at 24,670–24,795 yuan/mt, Shuangyan mainly traded at 24,810–24,935 yuan/mt, and #1 zinc mainstream transaction prices were 24,600–24,725 yuan/mt. In the early session, market quotes against the SMM average price were at premiums of 10–30 yuan/mt, with no quotes against futures yet. In the second session, ordinary domestic brands were quoted at discounts of 40 yuan/mt against the 2608 contract, Baiyin at discounts of 20 yuan/mt against the 2608 contract, and the high-end brand Shuangyan at premiums of 100 yuan/mt against the 2608 contract. Refined zinc buying sentiment in the Shanghai region stood at 1.92 today, while selling sentiment was 2.57. Zinc futures edged lower in the morning; some traders raised their spot quotes, but overall zinc prices had not yet fallen to downstream enterprises’ psychological price levels. Downstream enterprises remained largely on the sidelines, and amid weak off-season orders, overall transactions performed modestly today.