Shanghai Zinc: Downstream Buyers Purchase at Lower Prices, Trading Improves [SMM Midday Review]

SMM reported on July 7: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,220 to 22,420 yuan/mt, with Shuangyan zinc trading at 22,260 to 22,450 yuan/mt and 1# zinc trading at 22,150 to 22,350 yuan/mt. In the morning session, the market quoted premiums of 50 to 80 yuan/mt against the SMM average price, with fewer quotes against the futures market. During the second trading session, domestic zinc was quoted at premiums of 160 to 170 yuan/mt against the 2508 contract, Honglu-v was quoted at a premium of 140 yuan/mt against the 2508 contract, Huize was quoted at a premium of 110 yuan/mt against the 2507 contract, and the high-end brand Shuangyan was quoted at premiums of 180 to 220 yuan/mt against the 2508 contract. Today, the Shanghai average price still saw a relatively high increase, while the futures market declined MoM, reaching the psychological price level of some downstream buyers. As a result, spot pricing activities increased, traders actively sold their goods, and overall spot transactions improved.