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Spot zinc trades remain cool in Shanghai on smaller backwardation
In Tianjin, spot premiums expanded as shipment by smelters was still en route and kept the market supplies tight
SHANGHAI, Jul 10 (SMM) – Premiums of spot zinc held stable on the morning of Wednesday July 10 in Shanghai, as SHFE zinc front-month contract extended decline and eased the backwardation structure amid expectations of greater supplies.
Transactions in Shanghai remained thin as traders' demand for the delivery of long-term contracts weakened and a falling market sidelined downstream consumers.
Trades mostly occurred at a premium of 50-60 yuan/mt against the SHFE front-month July contract on the morning of July 10, flat from the previous morning. At noon of July 10, #0 zinc traded at 19,140-19,220 yuan/mt, and #1 zinc at 19,040-19,090 yuan/mt.
In Tianjin, however, spot premiums expanded as shipment by smelters was still en route and kept the market supplies tight. Premiums stood at 100-200 yuan/mt this morning, compared with 70-100 yuan/mt on the morning of July 9.
At noon of July 10, higher-grade #0 zinc saw brisk demand, trading at 19,200-19,340 yuan/mt. The Tianjin-Shanghai price spread widened to a premium of 90 yuan/mt, from a premium of 20 yuan/mt on the morning of July 9.
Market commentary
Futures movement
Spot zinc
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