Shanghai Zinc: Market Bearish on Future Zinc Prices, Premiums Remain Stable [SMM Midday Review]

SMM, February 27: Today, the mainstream transaction prices of 0# zinc were concentrated at 23,450-23,560 yuan/mt, with Shuangyan trading at 23,570-23,660 yuan/mt, and the mainstream transaction prices of 1# zinc at 23,380-23,490 yuan/mt. In the early trading session, the market quoted cargoes with invoices dated next month at an average price of -5~5 yuan/mt, with few quotations against the futures market. During the second trading session, ordinary domestic zinc was quoted at a discount of 10~0 yuan/mt against the 2503 contract, Huize was quoted at a premium of 100 yuan/mt against the 2503 contract, Baiyin at a premium of 20 yuan/mt against the 2503 contract, and the high-end brand Shuangyan at a premium of 110 yuan/mt against the 2503 contract. Zinc ingot inventory in Shanghai warehouses continued to build up. Today's zinc futures prices were basically flat compared to yesterday's levels, but downstream enterprises made purchases at lower prices earlier this week and currently hold a certain level of raw material inventory. With a bearish outlook on zinc prices, their willingness to inquire and purchase is low. Some suppliers reported weaker spot transactions, while spot premiums remained stable.