Shanghai Zinc: Traders Show Strong Selling Sentiment, Spot Premiums Continue to Decline [SMM Midday Review]

SMM January 22: Today, mainstream transaction prices for 0# zinc were concentrated at 24,105-24,265 yuan/mt, with no quotations for Shuangyan. Mainstream transaction prices for 1# zinc were at 24,035-24,195 yuan/mt. In the early trading session, cargoes with invoices dated this month were quoted near the average price, with no quotations following the market trend. During the second trading session, ordinary domestic zinc was quoted at premiums of 30 yuan/mt against the 2503 contract, Huize was quoted at premiums of 190 yuan/mt against the 2502 contract, and high-priced brand Shuangyan had no quotations against the 2502 contract. Domestic zinc ingots under long-term contracts were gradually arriving, and traders continued to actively sell at year-end. This week, downstream enterprises entered the peak holiday period, significantly reducing their willingness to inquire about purchasing zinc ingots. Under sluggish sales, traders further lowered premium quotations, and overall spot zinc transactions remained poor.