Shanghai Zinc: Futures Market Fluctuates at High Levels, Trading Remains Average [SMM Midday Review]

SMM February 24 News: Today, the mainstream transaction prices of 0# zinc were concentrated at 23,880~24,055 yuan/mt, with Shuangyan trading at 24,000~24,175 yuan/mt, and 1# zinc mainstream transaction prices at 23,810~23,985 yuan/mt. In the early trading session, market quotations against the average price were at discounts of 0-10 yuan/mt, with fewer quotations against futures. During the second trading session, ordinary domestic zinc was quoted at discounts of 30~20 yuan/mt against the 2503 contract, Huize was quoted at a premium of 70 yuan/mt against the 2503 contract, Baiyin was quoted at a discount of 20 yuan/mt against the 2503 contract, and the high-priced brand Shuangyan was quoted at premiums of 90~100 yuan/mt against the 2503 contract. Zinc ingot warehouse warrants continued to flow out, and traders in the Shanghai market remained actively selling. However, the futures market hovered at highs in the morning, while downstream enterprises were slow to recover orders and purchased raw materials as needed, resulting in average zinc ingot transactions today and spot premiums remaining at low levels.