Shanghai Zinc: Futures zinc prices rose MoM, overall spot trades were flat [SMM midday commentary]

SMM July 22 –

        Today, #0 zinc mainstream transaction prices were concentrated in 24,530~24,650 yuan/mt, Shuangyan mainstream transaction prices were at 24,630~24,740 yuan/mt, and #1 zinc mainstream transaction prices were at 24,460~24,580 yuan/mt. In the morning session, market quotations against the SMM average price were at premiums of +40~+60 yuan/mt, with no quotations against the futures contract yet. In the second trading session, ordinary domestic brand quotations against the 2608 contract were at premiums of +50~+60 yuan/mt, silver brand quotations against the 2608 contract were at a premium of +90 yuan/mt, and high-priced brand Shuangyan quotations against the 2608 contract were at premiums of +150~+190 yuan/mt. Today, refined zinc purchase sentiment in the Shanghai area was 2, while shipment sentiment was 2.56. SHFE zinc futures prices rose MoM today, and the wait-and-see sentiment among downstream enterprises resurged. Overall inquiries and purchases decreased somewhat today, and spot trades were mediocre. However, trader quotations remained basically stable from yesterday, with market premiums experiencing little overall change.