SHANGHAI, Aug 13 (SMM) – Spot zinc premiums held steady in Shanghai on the morning of Tuesday August 13 but stockpiling across downstream consumers slowed as some deliveries from Guangdong arrived.
Offers of #0 common brands stood at a premium of 200-210 yuan/mt over the SHFE September contract, with premiums for higher-quality Shuangyan brand at 210-220 yuan/mt, limitedly changed from that on Monday.
At noon on Tuesday August 13, traded prices of #0 zinc stood at 18,955-18,995 yuan/mt, and that of #1 zinc at 18,885-18,925 yuan/mt.
In the northern Chinese market of Tianjin, spot zinc trades weakened from the previous morning as higher premiums and futures prices sidelined downstream consumers. Cargoes available in the spot market were limited due to smaller arrivals, and this drove sellers to firm up offers.
Trades of #0 zinc occurred at 18,880-19,900 yuan/mt, and deals for #1 zinc at 18,830-18,890 yuan/mt at noon. The Tianjin-Shanghai price spread narrowed to a discount of 30 yuan/mt, from a discount of 60 yuan/mt on Monday.
The SHFE September contract consolidated around 18,775 yuan/mt and closed the morning of Tuesday August 13 at 18,740 yuan/mt, up 140 yuan/mt from that time on Monday.