Guangdong Zinc: Market Trading Sentiment Maintains, Spot Premiums Rise [SMM Midday Review]

SMM March 19: Guangdong #0 zinc was mainly traded at 23,750-23,885 yuan/mt, with mainstream brands quoted at a discount of 15 yuan/mt against the 2505 contract and a discount of 20 yuan/mt against Shanghai spot. The Shanghai-Guangdong price spread remained stable. In the first trading session, suppliers quoted discounts of 15 yuan/mt to premiums of 5 yuan/mt for Qilin, Mengzi, Danxia, and Lan zinc. In the second trading session, Qilin, Huize, and Lan zinc were quoted at discounts of 15 yuan/mt to premiums of 5 yuan/mt against the online price. Overall, the price spread between futures contracts narrowed today, while zinc prices maintained a fluctuating trend. Some downstream buyers opted for small-scale purchases at current price levels, leading to a slight improvement in market trading sentiment. Spot premiums rose, but trading activity in the second session slightly weakened.