Shanghai Zinc: Spot Market Trading Sluggish, Premiums Remain Low [SMM Midday Review]

SMM, July 3: Today, mainstream transaction prices for #0 zinc were concentrated at 24,120~24,370 yuan/mt, Shuangyan traded mainly at 24,280~24,530 yuan/mt, and #1 zinc at 24,050~24,300 yuan/mt. In the morning session, market quotations against the SMM average price were -10~+10 yuan/mt, with no quotations against futures reported yet. In the second trading session, quotations for common domestic brands against the 2608 contract were -60 yuan/mt, for silver against the 2608 contract were -30 yuan/mt, and for the high-end brand Shuangyan against the 2608 contract were +100 yuan/mt. Today, purchasing sentiment for refined zinc in Shanghai was 2.04, and shipment sentiment was 2.57. During the morning, zinc futures prices changed little MoM. Downstream enterprises mostly remained on the sidelines today, and some enterprises still had undigested raw material inventories. Overall spot trades were sluggish today, and spot premiums remained low.