Guangdong Zinc: Zinc Price Center Rises, Market Trading Atmosphere Remains Moderate [SMM Midday Review]

SMM April 25:

       The mainstream transaction price of #0 zinc in Guangdong was 23,255-23,405 yuan/mt. The mainstream brands quoted a premium of 430 yuan/mt against the 2505 contract and a premium of 60 yuan/mt against Shanghai spot cargo. The Shanghai-Guangdong price spread widened. In the first session, suppliers quoted premiums of 480-520 yuan/mt for Qilin and Mengzi. In the second session, premiums for Qilin, Mengzi, and Huize against the online price were 490-520 yuan/mt. Overall, the futures market continued to rise today, while downstream procurement demand weakened. Some traders held relatively less spot cargo, keeping spot premiums and discounts at high levels, which suppressed market activity. Meanwhile, the price spread between futures contracts narrowed today, and spot premiums and discounts declined.