Guangdong Zinc: Market transactions weaken, spot premiums decline [SMM Midday Review]

SMM News on June 11:

       In Guangdong, the mainstream transactions for #0 zinc ingot were concluded at 22,160-22,380 yuan/mt. Mainstream brands were quoted at a premium of 275 yuan/mt against the 2507 contract, and on par with spot cargo in Shanghai. The Shanghai-Guangdong price spread narrowed. In the first instance, suppliers quoted Qilin, Mengzi, Anning, Feilong, and Lanxin at a premium of 275-305 yuan/mt. In the second instance, Qilin, Mengzi, Anning, and Lanxin were quoted at a premium of 275-305 yuan/mt. Overall, driven by the previous decline in the futures market, downstream enterprises restocked at lower prices. However, with the futures market rising today and some enterprises having already restocked to meet their immediate needs, market purchasing sentiment weakened. The spot trading atmosphere was moderate, and premiums declined.