Shanghai Zinc: SHFE zinc futures prices consolidate, spot transactions not as good as yesterday's [SMM Noon Report]

SMM August 20 report:

       Today, mainstream transaction prices for #0 zinc were concentrated at 25,315~25,410 yuan/mt, Shuangyan mainly traded at 25,435~25,530 yuan/mt, and #1 zinc mainstream transactions were at 25,245~25,340 yuan/mt. In early morning session, the market quoted at premiums of 60~80 yuan/mt against the SMM average price, with no quotations against the futures market. In the second trading session, ordinary domestic brands quoted at premiums of 30 yuan/mt against the 2609 contract, Silver quoted at premiums of 60 yuan/mt against the 2609 contract, and high-end brand Shuangyan quoted at premiums of 150 yuan/mt against the 2609 contract. Today, the purchase sentiment for refined zinc in Shanghai was 2.14, and the shipment sentiment was 2.64. Yesterday, SHFE zinc futures prices declined significantly MoM, leading to more pricing-based transactions by downstream enterprises, and market traders' trading performance was moderate. Some suppliers continued to raise spot quotations today, and market premiums subsequently rose. However, some downstream enterprises had already purchased yesterday, so spot trading today was not as active as yesterday.