Shanghai Zinc: Downstream Maintains Rigid Demand, Transactions Perform Average [SMM Midday Review]

SMM March 4 News: Today, the mainstream transaction prices of 0# zinc were concentrated at 23,615-23,800 yuan/mt, with Shuangyan trading at 23,725-23,920 yuan/mt, and the mainstream transaction prices of 1# zinc at 23,545-23,730 yuan/mt. In the early trading session, the market quoted spot premiums of 0-10 yuan/mt against the average price, with limited quotations against futures. During the second trading session, ordinary domestic zinc was quoted at discounts of 10-0 yuan/mt against the 2504 contract, Huize was quoted at premiums of 100-120 yuan/mt against the 2504 contract, Baiyin was quoted at a premium of 20 yuan/mt against the 2503 contract, and the high-priced brand Shuangyan was quoted at premiums of 100-120 yuan/mt against the 2504 contract. The futures market continued to fluctuate, with some traders raising prices to sell, but overall spot transactions were relatively average. Downstream enterprises maintained just-in-time procurement, and spot premiums in Shanghai showed no significant improvement. Attention is needed on the subsequent performance of downstream consumption.