Shanghai Zinc: Futures Market Continues to Rise, Spot Transactions Remain Weak [SMM Midday Review]

SMM February 7 News: Today, the mainstream transaction prices of 0# zinc were concentrated at 23,690-23,990 yuan/mt, with no quotations for Shuangyan. The mainstream transaction prices of 1# zinc were at 23,620-23,920 yuan/mt. In the early trading session, the market quoted premiums of 90-100 yuan/mt against the 2503 contract. During the second trading session, ordinary domestic brands were quoted at a premium of 70 yuan/mt against the 2503 contract, while high-end brand Shuangyan had no quotations against the 2503 contract. Huize was quoted at a premium of 160 yuan/mt against the 2503 contract, and Baohui at a premium of 50 yuan/mt against the 2503 contract. Although suppliers still showed some sentiment to stand firm on quotes today, Yuguang and Honglu zinc ingots have gradually arrived in the Shanghai market, with other brands still in transit. The market expects a significant increase in supply next week. Coupled with the continued rise in the futures market today, downstream enterprises have limited resumption of work, with few inquiries and purchases, leading to poor overall market transactions. Continued attention will be paid to the zinc ingot arrivals next week.