Guangdong Zinc: Downstream Just-in-Time Procurement, Spot Transactions Average [SMM Midday Review]

SMM April 21: The mainstream transaction price of 0# zinc in Guangdong was 22,545-22,725 yuan/mt. The mainstream brands quoted a premium of 415 yuan/mt against the 2506 contract and a premium of 50 yuan/mt against Shanghai spot cargo, with the Shanghai-Guangdong price spread widening. In the first session, suppliers quoted premiums of 415-465 yuan/mt for Qilin, Mengzi, Huize, and Lan zinc. In the second session, Mengzi and Huize quoted premiums of 420-435 yuan/mt against the net price. Overall, the futures market maintained a fluctuating trend today, while the spot premiums and discounts reported in the Guangdong market were relatively high. Downstream mainly made just-in-time procurement, and spot transactions were relatively moderate.