Guangdong Zinc: Dip Buying from Downstream, Slight Increase in Trading Volume [SMM Midday Review]

Published: Sep 5, 2024 16:12

Source: SMM

Save

On September 5, the mainstream transaction price of 0# zinc in Guangdong was 23,420-23,330 yuan/mt.

On September 5, the mainstream transaction price of 0# zinc in Guangdong was 23,420-23,330 yuan/mt. Mainstream brands were quoted at a premium of 40-80 yuan/mt over the 2410 contract, and a discount of 80 yuan/mt against Shanghai spot prices, widening the Shanghai-Guangdong price spread. Initially, holders quoted a premium of 40-50 yuan/mt for brands such as Qilin, Mengzi, and Danxia. As zinc prices fell, enterprises engaged in dip buying. In the second trading session, holders quoted a premium of 65-80 yuan/mt for brands such as Qilin, Mengzi, and Danxia. The price spread between front-month and next-month contracts widened, and some traders were strongly inclined to hold prices firm, resulting in fewer shipments. However, overall market transactions increased compared to the previous day, with a slight increase in trading volume.

Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

4 hours ago

SHFE zinc moves sideways after its center shifts upward, supported by LME gains and domestic destocking [SMM zinc futures review]

[LME gains and China destocking support SHFE zinc, which moves sideways after its center shifts upward] The daytime session of the SHFE zinc 2611 contract opened at 26,560 yuan/mt, dipped to 26,510 yuan/mt during the session, touched a high of 26,640 yuan/mt in the afternoon, then pulled back to consolidate and closed at 26,565 yuan/mt, down 25 yuan/mt from the night session close, a decline of 0.09%. Trading volume decreased to 53,498 lots, while open interest increased by 2,418 lots to 130,000 lots......

4 hours ago

6 hours ago

Data: SHFE, DCE market movement (Sep 18)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 18 Sep , 2026

6 hours ago

7 hours ago

Winter stockpiling demand drives active smelter inquiries, with TCs remaining low [SMM Zinc Concentrates Weekly Review]

[Winter stockpiling demand drives relatively active smelter inquiries; mine TCs remain low]: Weekly data shows the average SMM Zn50 domestic weekly TC was flat MoM at -2,100 yuan/mt Zn, while the SMM imported zinc concentrate index fell $2.75/dmt MoM to -$128.85/dmt....

7 hours ago