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Shanghai Zinc: Year-End Inventory Clearance by Some Traders, Premiums Continue to Decline [SMM Midday Review]
Dec 30, 2024, at 11:55 am
[Shanghai Zinc: Year-End Inventory Clearance by Some Traders, Premiums Continue to Decline] Today, the mainstream transaction prices for 0# zinc were concentrated at 25,965-26,170 yuan/mt, with no quotes for Shuangyan. The mainstream transaction prices for 1# zinc were at 25,895-26,100 yuan/mt. In the early session, the market premiums over the average price were around 60-110 yuan/mt, with almost no follow-up quotes...
SMM December 30 News: Today, the mainstream transaction prices of 0# zinc were concentrated at 25,965-26,170 yuan/mt, with no quotations for Shuangyan. The mainstream transaction prices of 1# zinc were at 25,895-26,100 yuan/mt. In the early trading session, the market quoted spot premiums of around 60-110 yuan/mt against the average price, with almost no follow-up quotations. During the second trading session, ordinary domestic zinc was quoted at premiums of 370-420 yuan/mt against the 2501 contract, while high-end brand Shuangyan had no quotations against the 2501 contract. Toward the year-end, some traders cleared inventory and sold off goods, leading to a continued decline in spot premiums in the market. However, the futures market fluctuated at highs, and coupled with some downstream enterprises closing accounts and taking inventory at year-end, buying sentiment remained weak, and spot transactions in the market showed no improvement.
