SHANGHAI, May 18 (SMM) – China's zinc spot market traded more actively in Shanghai than in Guangdong on Friday May 18, SMM learned. Offers in both markets rose.
Buyers in Shanghai showed a preference for SMC imported zinc from Australia, which traded at a premium of 50-70 yuan/mt. Downstream demand in Shanghai held steady amid relatively tight supplies, SMM learned.
In Shanghai, #0 zinc mostly traded at 24,020-24,060 yuan/mt. The 0# common brand traded at a premium of 150-180 yuan/mt against the SHFE 1806 contract, compared with premiums of 140-150 yuan/mt on Thursday. The premium for 0# Shuangyan brand also gained 20-30 yuan/mt from Thursday to 160-180 yuan/mt. At noon, 1# zinc traded at 23,900-23,940 yuan/mt.
In Guangdong, #0 zinc mostly traded at 23,850-23,900 yuan/mt. The Guangdong-Shanghai price spread widened 50 yuan/mt from the previous day to 100 yuan/mt. Cargoes mostly traded at a premium of 150-180 yuan/mt over the SHFE 1807 contract, some 10 yuan/mt wider from last day. Relatively poorer downstream demand accounted for the weak transactions in Guangdong.
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