Shanghai Zinc: SHFE zinc futures prices continue to rise, overall spot trades sluggish [SMM Midday Review]

August 3, SMM News:

       Today, mainstream transaction prices for #0 zinc were concentrated between 25,080~25,190 yuan/mt, Shuangyan saw no deals, and mainstream transaction prices for #1 zinc were at 25,010~25,120 yuan/mt. In the morning session, the market quoted at premiums of +30~+40 yuan/mt against the SMM average price, while there were no quotes against the futures market. In the second trading session, ordinary domestic brands quoted at premiums of +10~+20 yuan/mt against the 2609 contract, silver quoted at a premium of +120 yuan/mt against the 2608 contract, and the high-priced brand Shuangyan had no quotes against the 2609 contract. Today, the purchasing sentiment for refined zinc in Shanghai was 1.84, and the shipment sentiment was 2.51. Today, SHFE zinc futures prices continued to rise to above 25,000 yuan/mt, leading downstream enterprises to mostly fear high prices. Today, the overall market had a strong wait-and-see sentiment, and overall spot trades were sluggish. However, market traders' quotes were firm, and overall spot premiums were basically flat compared with last Friday's level.