Shanghai Zinc: Futures market fluctuates, premium remains stable MoM [SMM Midday Review]

SMM reported on July 2: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,305-22,415 yuan/mt, with Shuangyan zinc trading at 22,365-22,495 yuan/mt and 1# zinc trading at 22,235-22,345 yuan/mt. In the morning session, the market quoted premiums of 40-70 yuan/mt against the SMM average price, with no futures-linked quotations. During the second trading session, the quotations for ordinary domestic zinc were at premiums of 160-170 yuan/mt against the 2508 contract, Honglu-v was at a premium of 80 yuan/mt against the 2507 contract, Huize was at a premium of 150 yuan/mt against the 2507 contract, and the high-priced brand Shuangyan was quoted at premiums of 150-180 yuan/mt against the 2507 contract. Today, there were not many traders shipping goods in the Shanghai market. The spot premiums against the average price for domestic zinc continued to rise, but the futures market maintained a fluctuating trend. Downstream buyers continued to adopt a wait-and-see attitude, still purchasing only based on immediate needs, and the overall spot market transactions were average.