Shanghai Zinc: Sluggish Trading Atmosphere on the Last Trading Day Before the Holiday [SMM Midday Commentary]

SMM, September 30:

     Today, mainstream transaction prices for #0 zinc were concentrated at 26,480-26,600 yuan/mt, with no transactions for Shuangyan, while #1 zinc was mainly traded at 26,410-26,530 yuan/mt. In the morning session, cargoes with invoices dated next month were quoted at premiums of 70-80 yuan/mt against the SMM average price, with no quotes against futures. In the second trading session, ordinary domestic brands were quoted at a premium of 30 yuan/mt against the 2611 contract, silver was quoted at a premium of 100 yuan/mt against the 2610 contract, and the high-priced Shuangyan brand had no quotes against the 2610 contract. Today, the purchasing sentiment for refined zinc in the Shanghai region was 1.66, while the selling sentiment was 2.12. On the last trading day before the National Day holiday, few traders were selling in the market today, and overall quotations were relatively indifferent, with spot premiums showing little change. Downstream enterprises were about to go on holiday, and raw material stockpiling was basically completed, leaving the market atmosphere sluggish today.