Guangdong Zinc: Futures Maintain Consolidation Pattern, Spot Premiums Edge Up [SMM Midday Comment]

Published: Jul 21, 2026 13:04

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[Guangdong: Futures Maintain Fluctuating Trend, Spot Premiums Edge Up] Guangdong 0# zinc was mainly traded at 24,205~24,360 yuan/mt, mainstream brand quotations against the 2609 contract were -110~-90 yuan/mt and against Shanghai spot cargo were -105 yuan/mt, and the Shanghai-Guangdong price spread widened...

SMM July 21: Guangdong #0 zinc was mainly traded at 24,205~24,360 yuan/mt. Mainstream brand quotations against the 2609 contract were at discounts of 110~90 yuan/mt, and against Shanghai spot zinc at a discount of 105 yuan/mt. The Shanghai-Guangdong price spread widened. Today, suppliers quoted discounts of 110~90 yuan/mt for Qilin, Mengzi, Anning, and Feilong brands. Today, the purchasing sentiment for refined zinc in Guangdong was 2.16, and the sales sentiment was 2.49. Today, futures moved sideways, with overall transactions being mostly just-in-time procurement by enterprises. Meanwhile, spot liquidity for some brands in the Guangdong market was tight recently, and spot premiums gradually rose.

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