Guangdong Zinc: Zinc Prices Shift Downward, Dip Buying by Downstream Producers Increases

The mainstream transaction price of Guangdong 0# zinc was 23,475-23,605 yuan/mt, with mainstream brands quoting a discount of 65-85 yuan/mt against the 2409 contract and a discount of 10 yuan/mt against Shanghai spot prices, maintaining the SHFE-Guangdong price spread. Initially, sellers quoted a premium of around 20 yuan/mt over the price for brands such as Qilin, Huize, and Mengzi. As zinc prices fell, the premium over the price increased again, and transactions among traders were moderate. In the second trading session, Qilin, Mengzi, and Huize brands quoted a discount of around 65-70 yuan/mt against the 2409 contract. With zinc prices running low, downstream producers increased bargain hunting, and due to increased factory delivery, market supply was relatively low, with premiums remaining high and overall transactions being good.