Shanghai Zinc: Futures Zinc Prices Consolidated Higher, Spot Premiums Edged Down [SMM Midday Review]

SMM July 6: Today, #0 zinc mainstream transaction prices were concentrated at 24,370~24,525 yuan/mt, Shuangyan transactions were mainly at 24,540~24,675 yuan/mt, and #1 zinc mainstream transactions were at 24,300~24,455 yuan/mt. In early trading, the market offered premiums of 0~10 yuan/mt against the SMM average price, with no quotes against futures yet. In the second trading session, ordinary domestic brands were quoted at discounts of 70~50 yuan/mt against the 2608 contract, silver was quoted at a discount of 40 yuan/mt against the 2608 contract, and the high-priced brand Shuangyan was quoted at a premium of 100 yuan/mt against the 2608 contract. Today, the purchase sentiment for refined zinc in the Shanghai region was 2.02, and shipment sentiment was 2.55. Shanghai zinc ingot inventory increased slightly, and there were more sellers in the market. However, the zinc price on the futures market fluctuated and moved higher in the morning session. Orders at downstream enterprises were weak during the off-season. Today, downstream enterprises' inquiries and purchases were moderate, and overall trading in Shanghai was sluggish.