Shanghai Zinc: Futures Market Continues to Fluctuate, Shanghai Spot Turns to Discount [SMM Midday Review]

SMM February 20 News: Today, the mainstream transaction prices of 0# zinc were concentrated at 23,870-23,980 yuan/mt, with no quotations for Shuangyan. The mainstream transaction prices of 1# zinc were at 23,800-23,910 yuan/mt. In the early trading session, the market quoted spot premiums of 0-10 yuan/mt against the average price and discounts of 20-10 yuan/mt against the 2503 contract. During the second trading session, ordinary domestic zinc was quoted at discounts of 20-10 yuan/mt against the 2503 contract, Huize was quoted at premiums of 80-90 yuan/mt against the 2503 contract, Baiyin was quoted at a discount of 10 yuan/mt against the 2503 contract, and the high-priced brand Shuangyan had no quotations against the 2503 contract. Zinc ingots continued to arrive in the Shanghai market this week, and traders lowered spot premium quotations to facilitate sales. Shanghai spot entered the discount range, but downstream demand for zinc ingots remained weak recently. The futures market maintained a fluctuating trend in the morning, and spot market transactions remained poor today.