Guangdong Zinc: Futures Market Rose Today, Market Transactions Weakened [SMM Midday Review]

SMM March 12 News: Mainstream transactions of Guangdong #0 zinc were at 23,905-24,040 yuan/mt, with mainstream brands quoting a premium of 5 yuan/mt against the 2504 contract and a premium of 10 yuan/mt against Shanghai spot. The Shanghai-Guangdong price spread widened. In the first session, suppliers quoted premiums of 15-35 yuan/mt for Qilin, Mengzi, Huize, and Lan zinc. In the second session, Qilin, Mengzi, Danxia, and Lan zinc were quoted at premiums of 10-45 yuan/mt against the online price. Overall, zinc prices opened higher with a gap today, leading to downstream resistance to high prices, which impacted end-user purchasing enthusiasm. Coupled with some enterprises having already made low-price purchases yesterday, downstream inquiries decreased, while trading among traders was more active. The market trading atmosphere was relatively muted today, and spot premiums declined.