Ningbo Zinc: Imported Zinc Ingots Continue to Replenish Inventory, Spot Premiums Slightly Decline [SMM Midday Review]

SMM, May 20: The transaction prices of mainstream brand 0# zinc in the Ningbo market ranged from approximately 22,660 to 22,725 yuan/mt. Conventional brands in Ningbo were quoted at a premium of 260 yuan/mt against the 2506 contract and at a premium of 30 yuan/mt against Shanghai spot cargo. Mainstream quotes in Ningbo were against the 2506 contract. In the first session, Yongchang quoted a premium of 260 yuan/mt against the 2506 contract, Qilin quoted a premium of 280 yuan/mt against the 2506 contract, and SMC quoted a delivered premium of 250 yuan/mt against the 2506 contract. In the second session, traders maintained their quotes from the previous session. Some downstream enterprises had purchased a significant amount of imported zinc ingots earlier, building up a certain level of raw material inventory. Consequently, their buying sentiment was low recently. With the futures market continuing to fluctuate, some traders faced difficulties in selling their cargo, and spot premiums struggled to rise. Overall, transaction performance was average.

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