Ningbo Zinc: Traders' Quotes Stay Firm, Spot Premiums Edge Up [SMM Midday Review]

SMM, August 3:

     Mainstream-brand 0# zinc traded at around 25,090-25,180 yuan/mt in the Ningbo market. Conventional brands in Ningbo were quoted at a premium of 10 yuan/mt against the 2609 contract and at a premium of 30 yuan/mt against spot Shanghai cargoes, with Ningbo mainly offering quotes against the 2609 contract. In the first session, Yongchang, Qilin, and Anning were quoted at a premium of 10-20 yuan/mt against the 2609 contract, while Honglu-V (99.998) was quoted at a premium of 70 yuan/mt against the 2609 contract. In the second session, traders' quotes were flat compared to the first session. As SHFE zinc futures prices continued to rise in the morning, downstream enterprises largely stayed on the sidelines today due to price resistance. Overall spot trades were sluggish, but traders were unwilling to sell at lower prices, keeping spot quotes generally firm, with some premiums edging higher MoM.