Guangdong Zinc: Downstream Purchase Willingness Gradually Weakens, Overall Spot Zinc Transactions Remain Average [SMM Midday Review]

SMM reported on January 9: The mainstream transaction price of Guangdong 0# zinc was 24,515-24,715 yuan/mt. Mainstream brands quoted spot premiums of 640-660 yuan/mt against the 2502 contract and 50 yuan/mt against Shanghai spot, with the Shanghai-Guangdong price spread widening. In the first session, suppliers quoted premiums of 640-660 yuan/mt for Qilin, Mengzi, Feilong, and Lan zinc. Currently, the number of trading merchants in the market increased, and spot zinc circulation rose. In the second session, Qilin quoted a premium of 660 yuan/mt against the online price. Overall, although the zinc price center declined, downstream stocking demand weakened, buying sentiment diminished, and market trading activity slowed. Spot quotes fell compared to yesterday. However, the price spread between futures contracts widened today, and premiums slightly increased compared to yesterday.