Shanghai Zinc: Futures continue to rise, downstream players continue to wait and see [SMM Midday Review]

SMM reported on July 10: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,325 to 22,530 yuan/mt, with Shuangyan zinc trading between 22,385 and 22,610 yuan/mt, and 1# zinc trading between 22,255 and 22,460 yuan/mt. In the morning session, the market quoted premiums of 20 to 50 yuan/mt against the SMM average price, with fewer quotes against the futures market. During the second trading session, ordinary domestic zinc was quoted at a premium of 100 yuan/mt against the 2508 contract, Honglu-v at a premium of 120 yuan/mt against the 2508 contract, Huize at a premium of 120 yuan/mt against the 2508 contract, and the high-end brand Shuangyan was quoted at premiums of 160 to 200 yuan/mt against the 2508 contract. Today, the futures market continued to rise, with downstream buyers exhibiting a strong wait-and-see sentiment and low enthusiasm for spot purchases. Spot transactions performed poorly, and market premiums continued to decline. Overall trading remained dominated by traders.