Guangdong Zinc: Futures Market Rises, Spot Premiums Remain [SMM Midday Review]

SMM March 13 News: Mainstream transactions of Guangdong #0 zinc were at 24,030-24,205 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 remained stable. In the first session, suppliers quoted premiums of 5-25 yuan/mt for Qilin, Mengzi, Huize, and Lan zinc. In the second session, brands like Mengzi quoted premiums of around 5 yuan/mt against the online price. Overall, the futures market continued to rise today, but market trading sentiment was relatively weak, with most transactions driven by downstream just-in-time procurement based on orders. In the second session, fewer traders were selling in the market. Currently, Guangdong's social inventory has decreased, and under low premiums, traders showed low willingness to sell. Today's spot premiums remained unchanged from yesterday.