Ningbo Zinc: Downstream Users Cautious at High Prices, Limited Inquiries, Spot Transactions Mostly Need-Based [SMM Midday Commentary]

SMM, September 21:

       The transaction price of mainstream brand 0# zinc in the Ningbo market was around 26,735-26,875 yuan/mt. Conventional brands in Ningbo were quoted at a premium of 0 yuan/mt against the 2610 contract and a premium of 20 yuan/mt against Shanghai spot cargo. Mainstream quotes in the Ningbo area were made against the 2610 contract. In the first session, Anning was quoted at a discount of 10 yuan/mt to a premium of 10 yuan/mt against the 2610 contract, Qilin at a premium of 20 yuan/mt against the 2610 contract, and Honglu-V (99.998) at a premium of 90 yuan/mt against the 2610 contract. In the second session, trader quotes remained unchanged from the previous session. Zinc prices on the futures market edged up in the morning, and downstream enterprises were cautious about high prices, with limited inquiries. Spot transactions today were mostly based on immediate demand, with many using post-pricing. Overall market trading was moderate, and spot premiums remained weak.