Guangdong Zinc: Downstream Procurement Enthusiasm Insufficient, Premiums Rise Weakly [SMM Midday Comment]

SMM July 30 News: Guangdong mainstream 0# zinc traded at 24,620-24,750 yuan/mt, mainstream brands quoted discounts of 85-75 yuan/mt against the 2609 contract, with a discount of 70 yuan/mt against Shanghai spot, and the Shanghai-Guangdong price spread widened. Today, suppliers quoted discounts of 85-75 yuan/mt for Qilin, Mengzi, Anning, and Feilong, the purchasing sentiment for refined zinc in Guangdong was 1.9, and the sales sentiment was 2.48. In the early session today, futures prices continued to rise, market wait-and-see sentiment was strong, subsequently, although the price center pulled back, it continued to consolidate at highs, downstream enterprises still held some inventory, overall purchasing enthusiasm was insufficient, with most either depleting existing inventory or making just-in-time procurement, and spot premiums maintained a fluctuating trend.