Shanghai Zinc: Spot trades sluggish, premium down MoM [SMM Midday Review]

SMM News on May 28: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,865-22,970 yuan/mt, with Shuangyan zinc trading at 23,015-23,150 yuan/mt, and 1# zinc trading mainly at 22,795-22,900 yuan/mt. In the morning market, cargoes with invoices dated next month were quoted at premiums of 60-80 yuan/mt against the average price, with no quotes against the futures market. During the second trading session, the quotations for ordinary domestic zinc were at a premium of 270 yuan/mt against the 2506 contract, Spanish zinc at a premium of 200-230 yuan/mt against the 2506 contract, Huize zinc at a premium of 380 yuan/mt against the 2506 contract, and the high-end brand Shuangyan was quoted at premiums of 420-450 yuan/mt against the 2506 contract. The market's expectations regarding the impact of maintenance at smelters in South China have gradually been absorbed. Coupled with the continuous inflow of imported zinc ingots to supplement the market, spot quotations from traders were adjusted downward MoM today. However, downstream enterprises have already completed their inventory preparations for the Dragon Boat Festival. Additionally, with the futures market continuing to rise compared to yesterday, enterprises are maintaining a wait-and-see attitude, and spot trades were sluggish in the morning session.