Ningbo Zinc: Abundant market supply, premium continues to decline [SMM Midday Review]

SMM July 2 Report:

In the Ningbo market, the transaction price of mainstream brand 0# zinc ingot was around 22,235-22,325 yuan/mt. The contract rollover quote for conventional brands in Ningbo was at a premium of 85 yuan/mt against the 2508 contract, and at a discount of 20 yuan/mt against the Shanghai spot price. The mainstream quote in Ningbo was against the 2507 contract. In the first time slot, Yongchang quoted a premium of 20 yuan/mt against the 2507 contract, while Qilin, Hualian, and Jiulong quoted a delivered premium of 140 yuan/mt against the 2508 contract. Anning zinc ingot was quoted at a discount of 20 yuan/mt to a premium of 20 yuan/mt against the 2507 contract, and Huize quoted a premium of 130 yuan/mt against the 2507 contract. In the second time slot, traders' quotes remained unchanged from the previous time slot. Recently, a large quantity of zinc ingot from various brands has arrived in the Ningbo market, resulting in abundant supply. Traders continue to lower spot premiums to facilitate sales. However, the futures market maintains a fluctuating trend, and downstream orders remain weak, with generally low enthusiasm for purchases. Overall, market transactions still primarily meet immediate demand.

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