Shanghai Zinc: Few Traders Selling, Spot Premiums Up MoM [SMM Midday Review]

SMM July 15: Today, the mainstream transaction prices of #0 zinc were concentrated at 24,790~24,860 yuan/mt, Shuangyan mainstream transactions were at 24,910~25,010 yuan/mt, and #1 zinc mainstream transactions were at 24,720~24,790 yuan/mt. In early trading, market quotes against the SMM average price were at premiums of 30~40 yuan/mt, with no quotes against the contract yet. In the second trading session, ordinary domestic brand quotes against the SHFE 2608 contract were at a discount of 20 yuan/mt, silver quotes against the SHFE 2608 contract were at a premium of 10 yuan/mt, and the high-priced Shuangyan brand quotes against the SHFE 2608 contract were at premiums of 100~130 yuan/mt. Today, the refined zinc purchase sentiment in the Shanghai region was 1.86, and the shipment sentiment was 2.58. Today, SHFE zinc prices rose MoM. Downstream enterprises, wary of high prices, had poor purchase willingness when inquiring about spot zinc today. However, recently, there has been a certain profit margin in the Shanghai market's bills, coupled with the export window being open, some traders had high purchase sentiment. Today, the overall circulating volume of zinc ingots in the market was low, spot market quotes generally rose compared to yesterday, and overall spot transactions mainly occurred among traders.