Shanghai Zinc: Premiums Continue to Decline, Transactions Weaken Compared to Yesterday [SMM Midday Review]

SMM reported on February 11: Today, the mainstream transaction prices of 0# zinc were concentrated at 23,635-23,885 yuan/mt, with no transactions for Shuangyan. The mainstream transaction prices of 1# zinc were at 23,565-23,815 yuan/mt. In the early trading session, the market quoted spot premiums of 50 yuan/mt against the 2503 contract. During the second trading session, ordinary domestic brands were quoted at premiums of 0-30 yuan/mt against the 2503 contract, while high-priced brand Shuangyan had no quotations against the 2503 contract. Huize was quoted at a premium of 120 yuan/mt against the 2503 contract, and Baiyin at a premium of 60 yuan/mt against the 2503 contract. Recently, downstream production has not fully resumed, and enterprises have shown limited interest in inquiries and purchases. Some traders actively lowered their spot premium quotations to facilitate sales. Although the futures market slightly declined in the morning, some downstream buyers anticipated further declines in premiums, leading to a cautious sentiment overall. Spot transactions were weaker compared to the previous day.