Shanghai Zinc: Market enthusiasm for shipments is low, overall transactions remain sluggish [SMM Midday Review]

SMM reported on Aug 12:

       Today, #0 zinc mainstream transaction prices were concentrated at 25,590~25,795 yuan/mt, Shuangyan mainly traded at 25,730~25,925 yuan/mt, and #1 zinc mainstream transactions were at 25,520~25,725 yuan/mt. In the morning session, market quotations against the SMM average price were at premiums of 40~50 yuan/mt, and no quotations were made against the board for the time being. In the second trading session, ordinary domestic quotations against the 2609 contract were at premiums of 10~20 yuan/mt, Silver against the 2609 contract was quoted at premiums of 60 yuan/mt, and the high-priced brand Shuangyan was quoted at premiums of 150 yuan/mt against the 2609 contract. Today, the purchase sentiment for refined zinc in Shanghai was 1.84, and the shipment sentiment was 2.54. Today, SHFE zinc futures prices continued to consolidate at highs, and downstream enterprises' fear of high prices persisted. Today, inquiry and purchasing enthusiasm was poor, overall spot transaction performance was bad, traders experienced poor shipments, and overall quotation enthusiasm was low. Today's spot trades were still mostly conducted between traders.