Shanghai Zinc: Spot Premiums Continue to Decline, Some Downstream Restock at Lower Prices [SMM Midday Review]

SMM reported on January 15: Today, the mainstream transaction prices of 0# zinc were concentrated at 24,065-24,605 yuan/mt, with no quotations for Shuangyan. The mainstream transaction prices of 1# zinc were at 23,995-24,535 yuan/mt. In the early trading session, the market spot premiums over the average price were around 0-30 yuan/mt, with almost no follow-up quotations. During the second trading session, ordinary domestic zinc was quoted at premiums of 420-450 yuan/mt against the 2502 contract, while Baiyin was quoted at a premium of 410 yuan/mt against the 2502 contract. High-end brand Shuangyan had no quotations against the 2502 contract. According to SMM, many traders are expected to start their holidays next week and have been actively offloading inventory recently. Spot premiums in the market continued to decline. Although some downstream enterprises bought the dip to restock today, overall inquiries and purchases were limited, and total transactions showed little improvement compared to yesterday.