Ningbo Zinc: Futures market remains at a high level, with premiums continuing to decline [SMM Midday Review]

SMM July 11 News:

The mainstream 0# zinc ingot transaction price in Ningbo market ranged from 22,420 to 22,510 yuan/mt. Conventional brands in Ningbo quoted a premium of 50 yuan/mt against the 2508 contract and 10 yuan/mt against Shanghai spot cargo. Mainstream brands in Ningbo primarily quoted against the 2508 contract. In the first session, Qilin offered a delivered premium of 100 yuan/mt against the 2508 contract, Hualian quoted a delivered premium of 100 yuan/mt against the 2508 contract, and Honglu-V zinc ingot quoted a premium of 50 yuan/mt against the 2508 contract. In the second session, traders maintained the same quotations as the previous session. Qilin and Hualian zinc ingots are expected to arrive in the Ningbo market this weekend. Some traders further lowered premium quotations to clear inventory, but persistently high futures prices continued to suppress demand. Weak downstream orders also contributed to the lack of improvement in overall transactions.

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