Shanghai Zinc: Entering a New Long-term Contract Cycle, Premium Continues to Weaken [SMM Midday Review]

SMM News on June 26: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,290-22,390 yuan/mt, with Shuangyan zinc trading at 22,380-22,530 yuan/mt, and 1# zinc trading mainly at 22,220-22,320 yuan/mt. In the morning session, the market quoted premiums of 40-50 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 110 yuan/mt against the 2507 contract, silver was at premiums of 160 yuan/mt against the 2507 contract, Huize was at premiums of 200 yuan/mt against the 2507 contract, and the high-end brand Shuangyan was quoted at premiums of 200-250 yuan/mt against the 2507 contract. Entering a new long-term contract cycle, there were more traders selling in the Shanghai market today. The futures market fluctuated at highs, downstream buying sentiment remained low, spot transaction performance was poor, and Shanghai spot premiums weakened MoM.