Shanghai Metal Market: Zinc prices fluctuate and rise, downstream consumption accelerates

Today, Shanghai Metals Market spot price (0#锌23620-23720元/吨，均价23670元/吨，较上一交易日上涨170元/吨，对沪锌2604合约报贴水140-贴水40元/吨；1#23550-23650 yuan/ton), with an average price of 23,600 yuan/ton, was up 170 yuan/ton from the previous trading day. For the Shanghai zinc 2604 contract, it is quoted at a discount basis of 210 to a discount basis of 110 yuan/ton. This morning, zinc prices continued to fluctuate higher. As of the morning close, the main Shanghai zinc contract rose by 95 yuan/ton, a 0.4% increase. Zinc prices continued to climb; ahead of the holiday, driven by pre-holiday inventory-building demand, downstream buyers’ reluctance toward high prices intensified, consumption picked up pace, and intraday holders held firm and sold at price support. The network average price was around +30 to +40, while the domestic follow-on discounts narrowed to around -85. (SHMET)