Ningbo Zinc: Futures Zinc Prices Rise Significantly, Spot Trade Sentiment Sluggish [SMM Midday Review]

SMM, July 10:

      The mainstream brand #0 zinc in the Ningbo market traded at around 24,835–24,955 yuan/mt. Conventional brands in Ningbo were quoted at a discount of 20 yuan/mt against the 2608 contract and a premium of 40 yuan/mt against spot Shanghai cargo. The Ningbo region primarily provided quotes against the 2608 contract. In the first session, Yongchang was quoted at a discount of 20 yuan/mt against the 2608 contract, and Honglu-V (99.998%) was quoted at a discount of 10 yuan/mt against the 2608 contract. In the second session, trader quotes remained flat compared to the previous session. Zinc futures trended higher to near 25,000 yuan/mt during the morning session. Downstream enterprises were cautious about higher prices and made few inquiries. Coupled with some inventories built up from earlier purchases, spot trading was sluggish today. Traders made shipments in a laid-back manner, and spot quotes remained basically stable from the previous day.