Ningbo zinc: Zinc futures prices edge down, traders continue to raise spot zinc quotations [SMM Midday Review]

SMM July 21:

      In the Ningbo market, mainstream 0# zinc was traded at around 24,345–24,460 yuan/mt. Regular brands in Ningbo were quoted at a premium of 35 yuan/mt against the 2608 contract and a premium of 20 yuan/mt against spot Shanghai cargoes, with the Ningbo area mainly quoting against the 2608 contract. In the first session, Qilin was quoted at a premium of 40 yuan/mt against the 2608 contract, Anning at a premium of 20–60 yuan/mt against the 2608 contract, and Honglu-V (99.998) at a premium of 110 yuan/mt against the 2608 contract. In the second session, traders’ quotations remained flat compared to the first session. Futures zinc prices fell MoM in the morning, and today market traders mostly continued to raise their spot quotes, with overall premiums extending gains. However, some downstream buyers continued to expect lower prices, and overall spot trading today saw mediocre performance.