Guangdong Zinc: Contract rollover in Guangdong today, downstream demand performance was average [SMM Midday Review]

SMM June 17 report:

       In Guangdong, the mainstream transactions for 0# zinc were concluded at RMB 21,950-22,115/mt. Mainstream brands were quoted at a premium of RMB 400/mt against the 2508 contract and at a premium of RMB 10/mt against spot cargo in Shanghai, with the Shanghai-Guangdong price spread remaining stable. In the first session, suppliers quoted premiums of RMB 390-420/mt for Qilin, Mengzi, Anning, Feilong, and Lanxin brands. In the second session, Qilin, Mengzi, Anning, and Lanxin brands were quoted at a premium of RMB 390-410/mt against the online price. Overall, due to the current weakening downstream demand, traders faced difficulties in selling their cargo, and the quoted premiums and discounts continued to decline. Meanwhile, as the futures market edged up slightly today and the market expected a loose supply of spot cargo in the future, there were many traders selling their cargo. Today, the Guangdong market saw a contract rollover in quotations, with the referenced contract changing from the 2507 contract to the 2508 contract.