Ningbo Zinc: Trader Quotes Casually, Downstream Purchases as Needed [SMM Midday Commentary]

SMM July 24 News:

      Mainstream brand #0 zinc in the Ningbo market traded at approximately 24,665–24,725 yuan/mt. Conventional brands in Ningbo were quoted at a premium of 25 yuan/mt against the 2608 contract and a premium of 20 yuan/mt against spot cargo in Shanghai, with quotes in Ningbo mainly referenced to the 2608 contract. In the first trading session, Yongchang was quoted at a premium of 20–30 yuan/mt against the 2608 contract, Qilin at a premium of 30 yuan/mt against the 2608 contract, Anning at a premium of 10–30 yuan/mt against the 2608 contract, and Honglu-V (99.998) at a premium of 80 yuan/mt against the 2608 contract. In the second session, trader quotes remained flat compared to the previous session. SHFE zinc futures prices consolidated in the morning. Today, traders in the Ningbo market adopted a laid-back approach to selling, with overall premiums little changed from yesterday. Downstream enterprises made purchases as needed, resulting in mediocre overall spot zinc transaction performance.