Guangdong Zinc: Futures Market Center Moves Upward, Market Transactions Are Average [SMM Midday Review]

SMM January 10 News: Guangdong 0# zinc mainstream transactions were at 24,685-24,860 yuan/mt. Mainstream brands quoted spot premiums of 620-660 yuan/mt against the 2502 contract and 70 yuan/mt against Shanghai spot, with the Shanghai-Guangdong price spread widening. In the first session, suppliers quoted premiums of 620-650 yuan/mt for Qilin, Mengzi, and Lan zinc. Current inventory continues to decline, and some traders in the market offered higher premiums, while the upward movement in the futures market center suppressed downstream purchasing demand. In the second session, Qilin and Mengzi were quoted at premiums of 650-660 yuan/mt against the online price. With limited spot cargoes in the market, traders showed reluctance to sell, raising premiums for transactions. Overall, downstream stocking demand is gradually weakening, and with the futures market moving upward, overall market transactions were moderate.