Guangdong Zinc: Zinc prices continue to rise, with poor spot cargo transactions [SMM Midday Review]

SMM reported on July 10;

        In Guangdong, the mainstream transaction price for 0# zinc ranged from 22,180 to 22,430 yuan/mt. Mainstream brands were quoted at a discount of 15 yuan/mt against the 2508 contract and at a discount of 70 yuan/mt against Shanghai spot cargo. The Shanghai-Guangdong price spread remained unchanged. In the first session, suppliers quoted Qilin, Mengzi, Anning, Feilong, and Lanxin brands at a discount of 45 to 0 yuan/mt. In the second session, Qilin and Mengzi brands were quoted at a discount of 35 to 15 yuan/mt against the online price. Overall, the futures market continued to rally today, with downstream procurement sentiment remaining low. Just-in-time procurement was the main focus, and spot cargo transactions were poor. Meanwhile, the price spread between futures contracts narrowed today, and spot premiums and discounts declined.