Shanghai Zinc: Limited Market Supply at the End of Long-term Contracts, Traders Continue to Refuse to Budge on Prices [SMM Midday Review]

SMM News on June 23: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 21,960-22,125 yuan/mt, with Shuangyan zinc trading at 22,160-22,325 yuan/mt, and #1 zinc trading mainly at 21,890-22,055 yuan/mt. In the morning session, the market quoted premiums of 0-10 yuan/mt against the average price, with no quotes against the market price. During the second trading session, quotations for ordinary domestic zinc were at premiums of 130 yuan/mt against the 2507 contract, quotations for silver were at premiums of 130 yuan/mt against the 2507 contract, quotations for Spanish zinc were at premiums of 80 yuan/mt against the 2507 contract, and quotations for the high-price brand Shuangyan were at premiums of 330 yuan/mt against the 2507 contract. As the long-term contracts for this month are coming to an end, there is not much domestic zinc ingot available in the market today. Some traders continue to refuse to budge on prices, and spot premiums have remained relatively stable. However, downstream buyers continue to adopt a wait-and-see attitude, making just-in-time procurement. Overall, trading is still dominated by transactions between traders.