Shanghai Zinc: Downstream Continues to Wait and See, Trading Remains Sluggish [SMM Midday Review]

SMM News on May 8: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,690-23,025 yuan/mt, with Shuangyan zinc trading at 22,820-23,125 yuan/mt, and 1# zinc trading mainly at 22,620-22,955 yuan/mt. In the morning session, the market was quoted at premiums of 100-180 yuan/mt against the average price, with almost no quotes against the futures market. In the second trading session, the quotations for ordinary domestic zinc were at a premium of 630 yuan/mt against the 2506 contract, Honglu-v at a premium of 220 yuan/mt against the 2505 contract, Huize at a premium of 650-680 yuan/mt against the 2506 contract, the high-end brand Shuangyan at a premium of 630-700 yuan/mt against the 2506 contract, and Spanish zinc at a premium of 500 yuan/mt against the 2506 contract. Today, there were not many traders selling in the Shanghai market. However, imported zinc ingots have begun to flow into the domestic market recently, providing a certain supplement to the market supply. The futures market saw a slight rebound, and downstream enterprises had low purchase willingness due to high prices, maintaining just-in-time procurement. Today, spot transactions in the market were mainly among traders.