Shanghai Zinc: Premium Continues to Rise, Spot Trades Sluggish [SMM Midday Review]

SMM April 24 News: Today, the mainstream transaction prices of #0 zinc ingot were concentrated at 22,985~23,100 yuan/mt, while Shuangyan traded at 23,105~23,180 yuan/mt, and #1 zinc ingot traded at 22,915~23,030 yuan/mt. In the morning session, the market quoted premiums of 60~100 yuan/mt against the average price, with fewer quotes against the futures market. In the second trading session, domestic ordinary brands quoted premiums of 250~270 yuan/mt against the 2505 contract, SMC quoted a premium of 200 yuan/mt against the 2505 contract, Huize quoted a premium of 350 yuan/mt against the 2505 contract, and the high-priced brand Shuangyan quoted a premium of 350 yuan/mt against the 2505 contract. Today, Kirin zinc ingots arrived in the Shanghai market, but the volume was limited. The number of traders selling in the market remained low, and spot premiums continued to rise amid tight supply. However, the futures market remained at a high level today, and downstream sentiment was dominated by a wait-and-see attitude. With just-in-time procurement, trading was relatively sluggish today.