Shanghai Zinc: Futures Market Rebounds from Lows, Spot Transactions Remain Average [SMM Midday Review]

SMM reported on February 6: Today, the mainstream transaction prices of 0# zinc were concentrated at 23,280-23,655 yuan/mt, with no quotations for Shuangyan, while 1# zinc traded mainly at 23,210-23,585 yuan/mt. In the early trading session, the market quoted spot premiums of 20 yuan/mt against the average price, with limited quotations against futures. During the second trading session, ordinary domestic brands were quoted at premiums of 100 yuan/mt against the 2502 contract, while high-end brand Shuangyan had no quotations against the 2503 contract. Huize was quoted at a premium of 150 yuan/mt against the 2503 contract, and Baohui at a premium of 50 yuan/mt against the 2503 contract. This week, the arrival of zinc ingots under long-term contracts in the Shanghai market was limited, and smelters remained the primary suppliers. Some suppliers took the opportunity to further raise spot premium quotations. However, zinc futures prices rebounded significantly compared to yesterday, and the peak resumption period for downstream enterprises has yet to arrive, resulting in overall moderate market transactions.