Shanghai Zinc: Limited market supply, traders continue to refuse to budge on prices [SMM Midday Review]

SMM News on June 24: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,170-22,275 yuan/mt, with Shuangyan zinc trading at 22,320-22,435 yuan/mt, and 1# zinc trading mainly at 22,100-22,265 yuan/mt. In the morning session, the market quoted premiums of 10-30 yuan/mt against the average price, with no quotes against the futures market. In the second trading session, the quotations for ordinary domestic zinc were at premiums of 130-140 yuan/mt against the 2507 contract, Honglu-v was quoted at a premium of 130 yuan/mt against the 2507 contract, SMC was quoted at a premium of 100 yuan/mt against the 2507 contract, and the high-end brand Shuangyan was quoted at premiums of 280-300 yuan/mt against the 2507 contract. Towards the end of long-term contract trading, there was limited cargo availability in the Shanghai market today. Traders showed high purchase sentiment, refusing to budge on prices for domestic spot cargo. Overall, spot premiums remained stable. However, the futures market rose significantly, leading to low purchase willingness among downstream consumers. Overall spot transactions in the market were mainly between traders.