SHANGHAI, Nov 15 (SMM) – The Shanghai spot zinc market saw quiet trades on the morning of Thursday November 15, and this lowered spot premiums from November 14.
The 0# common brand was mostly offered at a premium of 250-300 yuan/mt over the SHFE December contract in Shanghai. A higher quality of product kept offers of the Shuangyan brand at a premium of 560-600 yuan/mt. These compared with the lowest premium of 280 yuan/mt and 600 yuan/mt, respectively, on Wednesday November 14. The #0 zinc mostly traded at 21,660-22,000 yuan/mt before noon.
Today is the last trading day for the SHFE November contract before delivery. Over the November contract, the 0# zinc was offered at a premium of 70-100 yuan/mt at noon, with thin actual trades.
However, Guangdong saw transactions improve from Wednesday, contributed by purchases by traders. Premiums for #0 zinc changed little from November 14 at 290-340 yuan/mt over the SHFE 1812 contract. Traded prices mostly occurred at 21,650-21,780 yuan/mt, or a premium of 300-320 yuan/mt over the SHFE December contract. The Guangdong-Shanghai price spread stood at a premium of 50 yuan/mt today, 20 yuan/mt wider from Wednesday.
This morning, the SHFE 1812 contract climbed and closed at 21,445 yuan/mt at the end of the morning trading session, up 30 yuan/mt from that time on November 14.