Shanghai Zinc: Spot cargo transactions were average, and the premium continued to decline [SMM Midday Review]

SMM reported on July 14: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,180-22,300 yuan/mt, with Shuangyan zinc trading at 22,280-22,390 yuan/mt and 1# zinc trading at 22,110-22,230 yuan/mt. In the morning session, the market quoted premiums of 0-30 yuan/mt against the SMM average price, with fewer quotations against the futures market. During the second trading session, quotations for ordinary domestic zinc were at premiums of 50-60 yuan/mt against the 2508 contract, Honglu-v was at a premium of 70 yuan/mt against the 2508 contract, Huize was at a premium of 70 yuan/mt against the 2508 contract, and the high-end brand Shuangyan was quoted at premiums of 150-160 yuan/mt against the 2508 contract. At the beginning of the week, there were many traders selling in the Shanghai market. Although the futures market pulled back WoW, downstream purchases remained driven by rigid demand. Spot transactions were average, and spot premium quotations continued to decline.