Ningbo Zinc: Price Spread in Nearby Months Widens, Premium Continues to Rise [[SMM] Midday Review]

SMM, May 7: The transaction prices of mainstream brand 0# zinc in the Ningbo market ranged from approximately 22,820 to 23,090 yuan/mt. Regular brands in Ningbo were quoted at a premium of 565 yuan/mt against the 2506 contract and at a premium of 50 yuan/mt against Shanghai spot cargo. The Ningbo region began quoting prices against the 2506 contract. In the first time slot, Yongchang quoted a premium of 560 yuan/mt against the 2506 contract, Qilin quoted a premium of 180 yuan/mt against the 2505 contract, and Huize quoted a premium of 580 yuan/mt against the 2506 contract. In the second time slot, traders raised their quotes. Yongchang quoted a premium of 580 yuan/mt against the 2506 contract, Qilin quoted a premium of 590 yuan/mt against the 2506 contract, and Huize quoted a premium of 600 yuan/mt against the 2506 contract. As the price spread between nearby months widened, market traders continued to raise their spot premium quotes. However, some downstream enterprises in Ningbo had sufficient raw materials and showed low buying sentiment for purchases, maintaining just-in-time procurement. Overall, spot trades performance deteriorated.

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