Shanghai Zinc: Market Suppliers Continue to Hold Prices Firm, Spot Premiums Keep Rising [SMM Midday Review]

SMM, July 16: Today, mainstream transaction prices for #0 zinc were concentrated at 24,555~24,665 yuan/mt, with Shuangyan mainly transacting at 24,635~24,775 yuan/mt and #1 zinc mainstream transaction prices at 24,485~24,595 yuan/mt. In the morning session, suppliers quoted at premiums of 30~50 yuan/mt against the SMM average price, with no quotes against the futures market yet. In the second trading session, ordinary domestic brands were quoted at a premium of 20 yuan/mt against the 2608 contract, silver was quoted at a premium of 30 yuan/mt against the 2608 contract, and the high-end brand Shuangyan was quoted at premiums of 100~130 yuan/mt against the 2608 contract. Today, the purchasing sentiment for refined zinc in the Shanghai region was 2.04, and the shipment sentiment was 2.54. SHFE zinc futures prices fell MoM today but did not reach downstream enterprises’ psychological price levels. Downstream enterprises conducted limited price-fixing deals today, and overall spot purchases remained need-based. However, suppliers in the trade market showed a strong willingness to hold prices firm, with spot quotations continuing to rise compared to yesterday, and overall trading activity remained mostly between traders.