Shanghai Zinc: Trading Improved MoM, Premium Slightly Increased [SMM Midday Review]

SMM March 31: Today, the mainstream transaction prices of #0 zinc were concentrated at 23,365~23,665 yuan/mt, with Shuangyan transactions at 23,465~23,745 yuan/mt, and #1 zinc mainstream transactions at 23,295~23,595 yuan/mt. In the morning session, the market quoted premiums of 10~20 yuan/mt against the average price, with fewer quotes against the futures market. In the second trading session, ordinary domestic products were quoted at premiums of 10~20 yuan/mt against the 2504 contract, Baiyin at a premium of 30 yuan/mt against the 2504 contract, Huize at a premium of 100 yuan/mt against the 2505 contract, and the high-priced brand Shuangyan at a premium of 100 yuan/mt against the 2504 contract. The futures market continued to decline in the morning session, with the near-month turning into a backwardation structure. Downstream enterprises took advantage of the low prices to purchase, and the buying sentiment was high. Traders' spot transactions improved MoM, and the market atmosphere was active today, driving a slight increase in spot premiums.