Shanghai Zinc: Futures zinc price consolidates, spot premiums hold steady [SMM Midday Comment]

SMM July 2 news: Today, mainstream transaction prices for #0 zinc were concentrated at 24,210~24,355 yuan/mt, Shuangyan mainstream transactions were at 24,360~24,505 yuan/mt, and #1 zinc mainstream transactions were at 24,140~24,285 yuan/mt. In the early session, market quotations were at premiums of 0~10 yuan/mt against the SMM average price, with no quotes against futures. In the second trading session, ordinary domestic brand quotations were at premiums of -50 yuan/mt against the 2608 contract, silver brand at -30 yuan/mt against the 2608 contract, and the high-priced Shuangyan brand at premiums of 100 yuan/mt against the 2608 contract. Today, the purchase willingness for refined zinc in the Shanghai region was 2.08, and the shipment sentiment was 2.55. During the morning, zinc prices consolidated, trader quotations were firm, and spot premiums changed relatively little. Downstream enterprises' purchase willingness remained low, with actual procurement largely need-based, and overall spot transaction performance was moderate.