Guangdong Zinc: Many traders are offering shipments in the market. With weak trading, spot premiums/discounts decline [SMM Midday Review]

SMM News on June 5:

       The mainstream transactions of 0# zinc in Guangdong were concluded at RMB 22,695-22,845/mt. Mainstream brands were quoted at a premium of RMB 375/mt against the 2507 contract, and at a discount of RMB 80/mt against spot cargo in Shanghai. The Shanghai-Guangdong price spread narrowed. In the first session, suppliers quoted Qilin, Mengzi, Feilong, and Lanxin zinc at premiums of RMB 345-395/mt. In the second session, Qilin, Mengzi, and Lanxin zinc were quoted at a premium of RMB 355/mt against the online price. Overall, the futures market continued to fluctuate, with many traders selling in the market. However, due to weak downstream consumption recently, market purchasing enthusiasm was insufficient. Meanwhile, the price spread between futures contracts continued to narrow today, and spot premiums/discounts continued to decline.