Spot premiums in Shanghai zinc market remained high

Mainstream traded prices of #0 zinc were 23080~23210 yuan/mt today, with 23170~23320 yuan/mt for Shuangyan zinc, and 23010~23140 yuan/mt for #1 zinc. In the morning, the premiums were 0-10 yuan/mt over the average SMM price, and discounts were 70~80 yuan/mt over the SHFE 2406 zinc contract. During the second trading session, regular domestic brands were quoted with discounts of 70-80 yuan/mt over the SHFE 2406 zinc contract. Shuangyan zinc was quoted with premiums of 20-30 yuan/mt over the SHFE 2406 contract. Last night, zinc prices fell below 23,000 yuan/ton, and downstream purchases increased. However, as zinc prices rebounded, downstream purchases decreased. Supported by traders' bills, premiums continued to be high and market shipments increased. Transactions weakened compared with yesterday.