Shanghai Zinc: Futures Market in Volatile Movement, Trading Activity Sluggish [SMM Midday Review]

SMM News on May 30: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,780-22,950 yuan/mt, with Shuangyan zinc trading at 22,900-23,040 yuan/mt, and 1# zinc trading mainly at 22,710-22,880 yuan/mt. In the morning session, the market quoted spot premiums of 90 yuan/mt against the average price for cargoes with invoices dated next month, with no quotes against the futures market. In the second trading session, the quotations for ordinary domestic brands were at premiums of 260 yuan/mt against the 2506 contract, Honglu-v at premiums of 230 yuan/mt against the 2506 contract, SMC at premiums of 200 yuan/mt against the 2506 contract, Huize at premiums of 350 yuan/mt against the 2506 contract, and the high-end brand Shuangyan was quoted at premiums of 350 yuan/mt against the 2506 contract. As the Dragon Boat Festival holiday approaches, the futures market maintained a fluctuating trend today. Downstream purchasing as needed remained sluggish, but with limited market supply, traders continued to refuse to budge on prices, and spot premiums held steady.