Shanghai Zinc: Significant Rise in Futures Market, Spot Premiums Adjusted Downward [SMM Midday Review]

SMM April 25: Today, the mainstream transaction prices of #0 zinc ingot were concentrated at 23,155~23,285 yuan/mt, with no transactions for Shuangyan. The mainstream transaction prices of #1 zinc ingot were at 23,085~23,215 yuan/mt. In the morning session, the market quoted premiums of 0~20 yuan/mt against the average price, with fewer quotes against the futures market. In the second trading session, domestic ordinary brands were quoted at premiums of 180~190 yuan/mt against the 2505 contract, Huize at premiums of 300 yuan/mt against the 2505 contract, the high-priced brand Shuangyan at premiums of 320 yuan/mt against the 2505 contract, and Hanzinc at premiums of 130 yuan/mt against the 2505 contract. Recently, some traders have been continuously pre-selling imported zinc ingots at low prices, squeezing out domestic zinc ingot transactions. Coupled with the significant rise in the futures market, downstream sentiment has been cautious, and purchase willingness was low today. Traders lowered spot premiums MoM to facilitate sales, but overall transaction performance remained sluggish.