Guangdong Zinc: Futures Market Continues to Rise, with Sluggish Market Transactions [SMM Midday Review]

SMM reported on June 26:

        The mainstream transaction price of 0# zinc in Guangdong ranged from 22,195 to 22,335 yuan/mt. Mainstream brands were quoted at premiums of 125 to 165 yuan/mt against the 2508 contract, and at discounts of 40 yuan/mt against Shanghai spot cargo. The Shanghai-Guangdong price spread narrowed. In the first session, suppliers offered premiums of 125 to 165 yuan/mt for Qilin, Mengzi, Danxia, Feilong, and Lanxin brands. In the second session, Qilin, Mengzi, and Lanxin brands were quoted at premiums of 145 to 155 yuan/mt against the online price. Overall, the futures market continued to fluctuate upward today. Downstream buyers showed fear of high prices and mostly made just-in-time procurement, resulting in relatively average market transactions. Meanwhile, the price spread between futures contracts contracted today, and Guangdong spot premiums declined accordingly.