Guangdong Zinc: Market trading atmosphere remains weak, spot premiums unchanged [SMM Midday Review]

SMM May 30 report:

       In Guangdong, the mainstream transactions for 0# zinc were concluded at RMB 22,650-22,850/mt. Mainstream brands were quoted at a premium of RMB 460/mt against the 2507 contract, and at a discount of RMB 60/mt against spot cargo in Shanghai. The Shanghai-Guangdong price spread widened. In the first period, suppliers quoted premiums of RMB 500-560/mt for Qilin, Mengzi, Danxia, and Lanxin brands. In the second period, Qilin and Lanxin brands were quoted at a premium of RMB 500-510/mt against the online price. Overall, as the Dragon Boat Festival holiday approached, downstream procurement was nearing its end. Coupled with the still relatively high spot premiums and discounts in the market, downstream buyers were relatively hesitant due to the high prices. The market trading atmosphere was sluggish, and spot premiums remained unchanged from the previous day.