SHANGHAI, Sept. 14 (SMM) - Spot premiums on #0 zinc in Guangdong against October delivery SHFE zinc contracts inverted from 300 yuan per tonne to discounts of 20 yuan per tonne at one point, SMM finds.
“The reversal is due mainly to growing supplies there,” said an SMM zinc analyst. Zinc smelters in South China actively released goods, which believe the outlook for zinc prices is unpromising. Continuous inflows of imported zinc since mid and late August also added to supply. Besides, demand from zinc alloy plants in and around Guangdong remained soft, despite a slight improvement.
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