Guangdong Zinc: Although the futures market has declined, market transactions remain poor [SMM Midday Review]

SMM News on July 14:

       The mainstream transactions of 0# zinc in Guangdong were concluded at 22,060-22,210 yuan/mt. Mainstream brands were quoted at a discount of 40 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 period, suppliers quoted discounts of 70-20 yuan/mt for their Qilin, Mengzi, Anning, Feilong, and Lanxin brands. In the second period, Qilin, Mengzi, Anning, Feilong, and Lanxin were quoted at discounts of 70-20 yuan/mt against the online price. Overall, although zinc prices fell MoM today, the spot circulation volume in the Guangdong market remained high. Coupled with weak downstream consumption, market transactions were relatively sluggish. Meanwhile, the price spread between futures contracts narrowed today, and premiums and discounts continued to decline.