Guangdong Zinc: Futures Market Center Shifts Upward, Trading Pace Slows Down [SMM Midday Review]

SMM reported on April 23:

       The mainstream transaction price of #0 zinc in Guangdong was 22,835-23,120 yuan/mt. The mainstream brands quoted a premium of 450 yuan/mt against the 2506 contract and a premium of 20 yuan/mt against Shanghai spot cargo. The Shanghai-Guangdong price spread narrowed. In the first session, suppliers quoted premiums of 470-490 yuan/mt for Qilin, Mengzi, Danxia, and Lan zinc. In the second session, Mengzi and Danxia quoted premiums of 480-490 yuan/mt against the online price. Overall, the price center of zinc moved upward today, while spot premiums and discounts remained high. Downstream purchasing sentiment weakened, and the market trading pace slowed. As downstream companies had previously made low-price purchases, they are now picking up goods to fulfill orders. Additionally, pre-holiday stockpiling boosted overall sales for some traders.