Shanghai Zinc: Downstream Buyers Priced on Dips, Spot Premiums Rose [SMM Midday Review]

SMM March 11 News: Today, the mainstream transaction prices of 0# zinc were concentrated at 23,560-23,810 yuan/mt, with Shuangyan trading at 23,620-23,860 yuan/mt, and 1# zinc mainstream transaction prices at 23,490-23,740 yuan/mt. In the early trading session, the market quoted spot premiums of 20-30 yuan/mt against the average price, with fewer quotes against futures. During the second trading session, ordinary domestic zinc was quoted at premiums of 20-50 yuan/mt against the 2504 contract, silver zinc at premiums of 40 yuan/mt against the 2504 contract, Huize zinc at premiums of 100 yuan/mt against the 2504 contract, and high-priced brand Shuangyan at premiums of 80-100 yuan/mt against the 2504 contract. In the morning, the futures market first declined and then rebounded, prompting some enterprises to seize the opportunity to place orders at low prices. Market transactions improved compared to yesterday, and traders also raised their spot premium quotations. However, overall downstream demand remained moderate, with some enterprises continuing to maintain just-in-time purchasing due to bearish expectations. Market activity was still primarily driven by transactions among traders.