Zinc in Guangdong: Inventory in Guangdong increased slightly, while spot premiums continued to decline [SMM Midday Review]

SMM reported on July 1:

        In Guangdong, the mainstream transaction price for 0# zinc ranged from 22,185 to 22,435 yuan/mt. Mainstream brands were quoted at a premium of 45 to 70 yuan/mt against the 2508 contract, and at a discount of 30 yuan/mt against Shanghai spot cargo. The Shanghai-Guangdong price spread widened. In the first session, suppliers quoted a premium of 45 to 75 yuan/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 45 to 75 yuan/mt against the online price. Overall, although the futures market declined today, current market consumption remained sluggish. Meanwhile, the arrival of zinc in Guangdong increased this week, leading to an increase in spot cargo circulation. However, there was no significant improvement in traders' sales, and spot premiums continued to decline.