Guangdong Zinc: Sluggish Market Transactions, Spot Premiums Decline [[SMM Midday Review]]

SMM May 8 news:

       In Guangdong, the mainstream transactions for 0# zinc were concluded at 22,670-23,005 yuan/mt. Mainstream brands were quoted at a premium of 500 yuan/mt against the 2506 contract and were on par with Shanghai spot cargo. The Shanghai-Guangdong price spread remained unchanged. In the first session, suppliers quoted Qilin, Mengzi, and Lanxin zinc at a premium of 540-580 yuan/mt against the online price. In the second session, Qilin, Mengzi, and Lanxin zinc were quoted at a premium of 480-540 yuan/mt against the online price. Overall, trading in the Guangdong market weakened today. In the morning session, traders quoted higher premiums, but downstream procurement sentiment was weak under the high premiums. To facilitate sales, traders continuously lowered their premiums. Today, the futures market's center moved upward, trading activity was sluggish, and spot premiums/discounts declined.