Shanghai Zinc: Downstream Inventory Replenishment Basically Completed, Premium Remains Stable [[SMM Midday Review]]

SMM, April 29: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,925-23,030 yuan/mt, with Shuangyan zinc trading at 23,125-23,190 yuan/mt, and 1# zinc trading at 22,855-22,960 yuan/mt. In the morning session, the market quoted premiums of 0-10 yuan/mt against the average price, with fewer quotes against the futures market. In the second trading session, quotations for ordinary domestic zinc were at premiums of 150-190 yuan/mt against the 2505 contract, SMC quoted at a premium of 150 yuan/mt against the 2505 contract, Huize quoted at a premium of 300 yuan/mt against the 2505 contract, and the high-end brand Shuangyan quoted at a premium of 350 yuan/mt against the 2505 contract. Before the holiday, traders in the market actively sold off their inventory. However, as the holiday approached, downstream just-in-time procurement for the May Day holiday was largely completed. Additionally, the futures market maintained a fluctuating trend. Today, spot transactions were mostly driven by enterprises' just-in-time procurement needs. Amidst generally sluggish transactions, spot premiums in Shanghai remained stable.