Ningbo Zinc: Some traders lowered spot zinc quotations, and overall trading was relatively sluggish [SMM Midday Review]

SMM, July 23:

      The mainstream brand 0# zinc in the Ningbo market saw transaction prices around 24,720-24,905 yuan/mt. Regular brands in Ningbo were quoted at a premium of 25 yuan/mt against the 2608 contract and a premium of 20 yuan/mt against spot zinc in Shanghai. Ningbo area quotes primarily referenced the 2608 contract. In the first session, Yongchang was quoted at a premium of 20-30 yuan/mt against the 2608 contract, Qilin at a premium of 30 yuan/mt against the 2608 contract, and Honglu-V (99.998) at a premium of 110 yuan/mt against the 2608 contract. In the second session, trader quotes remained flat from the previous session. SHFE zinc futures prices climbed again in the morning, and some traders in the market lowered their spot quotes to facilitate sales. However, downstream plants in Ningbo had poor orders and mostly stood on the sidelines today due to high price hesitancy, resulting in overall sluggish spot trades.