Ningbo Zinc: Limited market supply, spot premiums remain high [SMM Midday Review]

SMM News on April 29: The transaction prices of mainstream 0# zinc brands in the Ningbo market ranged from approximately 22,985 to 23,040 yuan/mt. Conventional brands in Ningbo were quoted at a premium of 195 yuan/mt against the 2505 contract and at a premium of 30 yuan/mt against Shanghai spot cargo. Mainstream traders in Ningbo were quoting against the 2505 contract. In the first session, Yongchang quoted a premium of 200 yuan/mt against the 2505 contract, Honglu-v quoted a premium of 210 yuan/mt against the 2505 contract, and Huize quoted a premium of 220 yuan/mt against the 2505 contract. In the second session, traders' quotes remained unchanged from the previous session. Some traders in Ningbo completed their shipments yesterday, and there were fewer traders shipping goods in Ningbo today. With limited cargo volumes, spot premiums remained high. However, downstream enterprises had received their previous purchases of zinc ingots and had largely completed their stockpiling. Today, their willingness to purchase and take delivery was low, resulting in sluggish overall spot trades.

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