Shanghai Zinc: Few downstream inquiries, premiums continue to decline [SMM Midday Review]

SMM May 15 report: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,855-23,030 yuan/mt, with no transactions reported for Shuangyan. The mainstream transaction prices for 1# zinc were in the range of 22,785-22,960 yuan/mt. In the morning session, the market quoted premiums of 0-50 yuan/mt against the average price, with no quotes against the futures market. In the second trading session, quotations for ordinary domestic zinc were at premiums of 230-250 yuan/mt against the 2506 contract, while Honglu-v was quoted at a premium of 250 yuan/mt against the 2506 contract. There were no quotations for the high-end brand Shuangyan against the 2506 contract. SMC was quoted at a premium of 280 yuan/mt against the 2506 contract, and Hazin was quoted at a premium of 160 yuan/mt against the 2506 contract. The futures market continued to fluctuate at highs, with few downstream inquiries and counteroffers, resulting in sluggish trading activity. Traders continued to lower spot premiums to facilitate sales, but downstream buyers maintained just-in-time purchases, leading to a continued sluggish overall trading environment.