Shanghai zinc: downstream players remain cautious on high prices, some suppliers lower spot premiums [SMM Noon Review]

SMM August 24 news:

       Today, mainstream transaction prices of #0 zinc were concentrated at 25,825~25,955 yuan/mt, Shuangyan mainly transacted at 25,965~26,085 yuan/mt, and #1 zinc mainstream transactions were at 25,755~25,885 yuan/mt. In the early session, cargoes were quoted at premiums of 60~70 yuan/mt against the SMM average price, with no quotations against the futures. In the second trading session, ordinary domestic brands were quoted at premiums of 10~20 yuan/mt against the 2609 contract, Baiyin at premiums of 50 yuan/mt against the 2609 contract, and the high-end brand Shuangyan at premiums of 150 yuan/mt against the 2609 contract. Today, the purchase sentiment for refined zinc in Shanghai was 1.94, and the shipment sentiment was 2.67. In the morning, SHFE zinc futures prices rose MoM, and downstream fear of high prices persisted. In addition, end-use consumption showed no improvement, and factories mostly had some raw material inventory. Today, there were almost no inquiries or purchases, and overall spot trades in the market were basically among traders.