Shanghai Zinc: Futures Market Fluctuates at Low Levels with Average Trading Performance [SMM Midday Review]

SMM February 28 News: Today, mainstream transaction prices for 0# zinc were concentrated at 23,445~23,590 yuan/mt, with Shuangyan trading at 23,585~23,685 yuan/mt, and mainstream transaction prices for 1# zinc at 23,375~23,520 yuan/mt. In the early trading session, the market offered few quotations for cargoes with invoices dated next month and for futures. During the second trading session, ordinary domestic zinc was quoted at premiums of 0~20 yuan/mt against the 2503 contract, Huize at a premium of 100 yuan/mt against the 2503 contract, Baiyin at a premium of 10 yuan/mt against the 2503 contract, and the high-end brand Shuangyan at a premium of 120 yuan/mt against the 2504 contract. The morning futures market continued a low-level fluctuating trend. Some traders were reluctant to sell at low prices and raised their spot quotations. However, downstream enterprises held a bearish sentiment toward zinc prices and maintained a strong wait-and-see attitude. Spot purchases remained primarily demand-driven, and overall spot transactions in the Shanghai market were average.