Shanghai Zinc: Market Traders Quote Firmly, Trading Mainly Between Traders [SMM Midday Review]

SMM Jul 10 – Today, the mainstream transaction prices of #0 zinc were concentrated at 24,805-24,925 yuan/mt, Shuangyan mainstream transactions were concluded at 24,955-25,075 yuan/mt, and #1 zinc mainstream transactions were concluded at 24,735-24,855 yuan/mt. In early trading, the market quoted premiums of +10~+20 yuan/mt against the SMM average price, with no quotes against futures temporarily. During the second trading session, ordinary domestic brands were quoted at discounts of -50 yuan/mt against the 2608 contract, Silver brand at a discount of -30 yuan/mt against the 2608 contract, and the high-priced brand Shuangyan at a premium of +100 yuan/mt against the 2608 contract. Today, the purchase sentiment for refined zinc in Shanghai was 1.84, and the shipment sentiment was 2.56. During the morning’s main trading session, the futures zinc price rose significantly, downstream fear of high prices was strong, and purchase enthusiasm was poor today. Spot purchases were sluggish. However, there were certain profit margins in the invoicing of Shanghai’s spot trade market, traders’ quotations remained relatively firm, and the overall market trading was mainly among traders.