Shanghai Zinc: Some Suppliers Held Prices Firm, Spot Zinc Quotes Were Raised [SMM Midday Review]

SMM July 29:

       Today, mainstream transaction prices of #0 zinc were concentrated at 24,685~24,790 yuan/mt, Shuangyan mainly traded at 24,815~24,910 yuan/mt, and #1 zinc mainstream traded at 24,615~24,720 yuan/mt. In early trading, quotations for cargoes with invoices dated next month were at a premium of 30 yuan/mt against the SMM average price, with no quotes available against the futures. In the second trading session, quotations for ordinary domestic brands against the 2609 contract were at premiums of 0~10 yuan/mt, the silver brand against the 2608 contract at a premium of 100 yuan/mt, and the high-priced brand Shuangyan against the 2609 contract at a premium of 130 yuan/mt. The purchasing sentiment for refined zinc in Shanghai today was 1.96, and the selling sentiment was 2.58. SHFE zinc futures prices consolidated at highs today. Downstream enterprises, with poor orders during the off-season, continued to purchase on an as-needed basis, and spot transactions did not improve. However, with the recent sustained opening of the zinc ingot export window, some traders in the market had a sentiment to hold prices firm, and some spot quotations were raised.