Guangdong Zinc: Futures Market Declined Today, Spot Premiums Slightly Increased [SMM Midday Review]

SMM March 10: Guangdong #0 zinc was mainly traded at 23,740-23,970 yuan/mt, with mainstream brands quoted at a discount of 5 yuan/mt against the 2504 contract and on par with Shanghai spot. The Shanghai-Guangdong price spread remained unchanged. In the first session, suppliers quoted discounts of 5 yuan/mt to premiums of 15 yuan/mt for Qilin, Mengzi, Huize, Feilong, and Lan zinc. In the second session, Qilin and Lan zinc were quoted at discounts of 10 yuan/mt to premiums of 15 yuan/mt against the online price. Overall, the futures market pulled back slightly compared to last Friday. Limited just-in-time procurement by downstream buyers slightly improved overall transactions, but some traders still faced difficulties in selling and lowered premiums to facilitate sales. The market trading atmosphere improved today, and spot premiums rose slightly.