Shanghai Metal Market: Zinc Prices Rebound from Low Levels, Spot Transactions Decline

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Today, Shanghai Metal Market spot price is 0#锌22850-22950元/吨,均价22900元/吨,较上一交易日上涨60元/吨,对沪锌2604合约报贴水140-贴水40元/吨;1# 22,780-22,880 yuan/ton, with an average of 22,830 yuan/ton, up 60 yuan/ton from the previous trading day. For the SHFE zinc 2604 contract, it is quoted at a discount of 210-110 yuan/ton. Last night, the zinc price stopped falling and rebounded; this morning it continued to trade in a range and rise. As of the close of the morning session, the main SHFE zinc contract was up 185 yuan/ton, or 0.81%. Today, spot market transactions fell. When zinc prices were declining earlier, the market mostly replenished inventories on dips. After the rapid rebound from low levels, consumption sentiment weakened accordingly. Other than immediate needs, buyers’ willingness to purchase was not high. Traders quoted the web average price at around +30, while domestic prices were adjusted down to around -90. (SHMET)

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