SHANGHAI, Jul 31 (SMM) – Weak consumption in the low season affected downstream buyers of spot zinc in Shanghai on Tuesday July 31, more so than on Monday.
The SHFE 1808 contract rebounded from lows and closed at 21,640 yuan/mt before noon on Tuesday July 31, up 80 yuan/mt from that time on Monday.
In Shanghai, the 0# common brand was offered at a premium of 120-130 yuan/mt over the 1808 contract, and the higher-grade Shuangyan brand was offered at 140-150 yuan/mt, little changed from the previous day. The #0 zinc mostly traded at 21,460-21,600 yuan/mt, nearly 300 yuan/mt lower from July 30.
In Guangdong, trading volumes improved on Tuesday July 31, from July 30, as premiums dipped 20 yuan/mt from Monday. Imported YP and AZ brands entered the market, available at a premium of 80 yuan/mt over the 1808 contract, but saw little purchasing interest.
In Guangdong, traded prices of #0 zinc stood at 21,480-21,530 yuan/mt, down an average of 260 yuan/mt from July 30. The Guangdong-Shanghai price spread stood at a discount of 20 yuan/mt today, from a premium of 10 yuan/mt yesterday.