Guangdong Zinc: Insufficient enthusiasm for downstream procurement, spot premiums decline [SMM Midday Review]

SMM reported on June 27:

        The mainstream transactions of 0# zinc in Guangdong were concluded at 22,465-22,550 yuan/mt. Mainstream brands were quoted at a premium of 75-105 yuan/mt against the 2508 contract, and at a discount of 20 yuan/mt against spot cargo in Shanghai. The Shanghai-Guangdong price spread narrowed. In the first session, suppliers quoted a premium of 75-105 yuan/mt for Qilin, Feilong, and Lanxin brands. In the second session, Qilin and Lanxin brands were quoted at a premium of 75-85 yuan/mt against the online price, while Huize was quoted at a discount of 105 yuan/mt against the online price today. Overall, the futures market rose again today, with downstream buyers showing insufficient enthusiasm for purchases. Market transactions were sluggish. Some traders offered higher premiums in the morning session but slightly lowered their premiums for shipments under such circumstances.