Shanghai Zinc: Zinc futures prices continue to rise, while spot market trading remains sluggish [SMM Midday Review]

SMM, July 7: Today, #0 zinc mainstream transaction prices were concentrated at 24,560~24,755 yuan/mt, with no deals for Shuangyan, while #1 zinc mainstream transactions were at 24,490~24,685 yuan/mt. In the morning session, the market was quoted at premiums of +0~+10 yuan/mt against the SMM average price, and no quotes against the futures were offered. In the second trading session, ordinary domestic brands were quoted against the 2608 contract at -70~-50 yuan/mt, silver was quoted against the 2608 contract at -40 yuan/mt, and no quotations were offered for the high-priced brand Shuangyan against the 2608 contract. The purchasing sentiment for refined zinc in Shanghai today was 1.96, and the selling sentiment was 2.54. In the morning, zinc futures prices rose significantly, and downstream enterprises remained cautious due to high prices, leading to limited overall inquiries and purchases. The Shanghai spot market saw sluggish trading, and traders’ willingness to sell was also poor, with little willingness to further lower their spot price quotations. Overall spot premiums remained at low levels.