Shanghai Zinc: Futures market shows obvious decline, premium struggles to rise [SMM Midday Review]

SMM News on June 10: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,165-22,320 yuan/mt, with Shuangyan zinc trading at 22,235-22,380 yuan/mt, and 1# zinc trading mainly at 22,095-22,250 yuan/mt. In the morning session, the market quoted premiums of 50-60 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 360-380 yuan/mt against the 2507 contract, Honglu-v at a premium of 380 yuan/mt against the 2507 contract, Zijin at a premium of 350 yuan/mt against the 2507 contract, Huize at a premium of 350 yuan/mt against the 2507 contract, and the high-end brand Shuangyan quoted premiums of 420-450 yuan/mt against the 2507 contract. Today, the futures market declined significantly compared to yesterday morning. However, imported zinc ingots continued to be sold at low prices, and downstream enterprises placed more orders at fixed prices yesterday afternoon. Today, there was a stronger wait-and-see sentiment, with transactions weakening MoM. Overall, the rise in spot premiums struggled to gain momentum.