Ningbo zinc: Traders continue to raise offers, spot trades weaken [SMM midday comment]

SMM, October 12:

       Mainstream brand 0# zinc in the Ningbo market traded at around 26,190–26,280 yuan/mt. Conventional brands in Ningbo were quoted at a premium of 20 yuan/mt against the 2611 contract and at a premium of 30 yuan/mt against Shanghai spot cargoes, with mainstream quotes in the Ningbo area mainly against the 2611 contract. In the first session, Qilin was quoted at a delivered premium of 60 yuan/mt against the 2611 contract, and Anning was quoted at a premium of 10–50 yuan/mt against the 2611 contract. In the second session, trader quotes remained unchanged from the previous session. Few traders were selling in the market. In early trading, traders raised their quotes, but as zinc prices on the futures rebounded from lows, downstream enterprises reduced their inquiries and purchases. Overall spot market trading weakened, and quotes across the market showed some divergence.