Shanghai Zinc: Futures market fluctuates, premium continues to decline [SMM Midday Review]

SMM News on June 12: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,285-22,420 yuan/mt, with Shuangyan zinc trading at 22,325-22,490 yuan/mt, and 1# zinc trading mainly at 22,215-22,350 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 320-330 yuan/mt against the 2507 contract, while Baiyin zinc was quoted at a premium of 340 yuan/mt against the 2507 contract. Spanish zinc was quoted at premiums of 250-280 yuan/mt against the 2507 contract, and the high-end brand Shuangyan was quoted at premiums of 360-400 yuan/mt against the 2507 contract. Recently, imported zinc ingots have continued to flow in, and traders' spot premium quotations have continued to decline. However, downstream enterprises had built up certain inventory by purchasing at low prices earlier, and with the futures market maintaining a fluctuating trend today, enterprises' enthusiasm for purchasing was low, resulting in mediocre market transaction performance.