Guangdong Zinc: Futures Market Rises Amid Limited Operations, Spot Zinc Sales Remain Sluggish [SMM Midday Review]

SMM reported on February 6: The mainstream transaction price of Guangdong #0 zinc was 23,170-23,585 yuan/mt. Mainstream brands quoted a premium of -10 to 30 yuan/mt against the 2503 contract and a spot discount of 60 yuan/mt against Shanghai. The Shanghai-Guangdong price spread widened. In the first trading session, suppliers quoted premiums of -10 to 15 yuan/mt for Qilin, Mengzi, Huize, and Lan zinc. In the second session, Qilin and Mengzi were quoted at a premium of 30 yuan/mt against the online price. Overall, zinc prices rose today, coupled with limited downstream operations, leading to sluggish shipments in the Guangdong market. However, some traders showed strong sentiment to stand firm on quotes. Guangdong inventory increased, while the price spread between futures contracts remained unchanged, and spot premiums rose slightly.