Inquiries and Trading of Zinc in Ningbo Market Remain Slack as the Downstream Purchases Decrease

SHANGHAI, Feb 7 (SMM) - In the Ningbo market, #0 zinc was traded at around 23,355-23,530 yuan/mt. The spot prices of the conventional brand were still quoted at discounts over the 2303 contract, and the premiums were 20 yuan/mt over the prices in the Shanghai market, up 10 yuan/mt from the previous trading day. Mainstream quotes in the Ningbo market were generally against the 2303 contract. In the first trading session, traders intended to raise their prices, and some narrowed the discounts. The market witnessed a slight increase in premiums occasionally. Premiums of Tiefeng were -10-10 yuan/mt over the 2303 contract, those of Yongchang stood at 0-40 yuan/mt, and those of Baohui were 0 yuan/mt over the 2303 contract. In the second trading session, premiums of Tiefeng and Yongchang grew slightly to -10-30 yuan/mt and -10-40 yuan/mt over the 2303 contract, while those of Baihi remained unchanged at 0 yuan/mt. Terminal manufacturers did not buy zinc alloy in a large amount since they have just resumed production, and zinc alloy manufacturers in Ningbo were not in high need of raw materials. The plunge in zinc prices yesterday satisfied some speculative hoarding needs. And traders held their prices firm today, pushing up the actual prices in the market. But the trading was sluggish, and the inquiry and actual transactions decreased greatly compared with the previous trading day.