Shanghai Zinc: Futures Rebound MoM, Downstream Purchases Weaken [SMM Midday Review]

SMM June 11 News: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,215-22,415 yuan/mt, with Shuangyan zinc trading at 22,265-22,495 yuan/mt, and 1# zinc trading mainly at 22,145-22,345 yuan/mt. In the morning session, the market quoted premiums of 60-70 yuan/mt against the average price, with no quotes against the futures market. In the second trading session, quotations for ordinary domestic zinc ingot were at premiums of 330-340 yuan/mt against the 2507 contract, while Baiyin zinc was quoted at a premium of 380 yuan/mt against the 2507 contract. Spanish zinc was quoted at premiums of 250-280 yuan/mt against the 2507 contract, and the high-end brand Shuangyan was quoted at premiums of 380-420 yuan/mt against the 2507 contract. The futures market rebounded MoM. Zinc ingots from Spain, India, and Kazakhstan arrived in Shanghai one after another, replenishing the market supply. However, downstream buyers remained bearish on zinc prices and placed orders at lower levels. Overall, transactions were still dominated by traders, and spot premiums in Shanghai continued to decline.