Shanghai Zinc: Downstream Buying Sentiment Remains Weak, Premiums Continue to Decline [SMM Midday Review]

SMM January 21: Today, the mainstream transaction prices of #0 zinc were concentrated at 24,250-24,395 yuan/mt, with Shuangyan trading at 24,695-24,835 yuan/mt, and #1 zinc mainstream transaction prices at 24,180-24,325 yuan/mt. In the early trading session, the market was quoted at around the average price minus 20 to 0 yuan/mt, with no quotations following the futures market. During the second trading session, ordinary domestic zinc was quoted at premiums of 70-80 yuan/mt against the 2503 contract, Huize was quoted at premiums of 150-180 yuan/mt against the 2502 contract, and the high-priced brand Shuangyan was quoted at a premium of 540 yuan/mt against the 2502 contract. Before the holiday, traders continued to offload goods, and the futures market maintained a fluctuating trend. Downstream enterprises that have not yet closed for the holiday still held certain raw material inventories from previous purchases, and their purchase willingness remained low today. Traders further reduced premium quotations to facilitate sales, and overall spot zinc transactions were sluggish.