[SMM Analysis] Guangdong Zinc spot Shengshui weakens in the short term and will continue its depressed performance in the short term.

SMM7月3日讯：我们在上周的文章《广东锌现货升水回落 短期仍不容乐观》中，对广东市场现货升水偏弱的情况进行分析，本周广东现货升水延续低迷的走势，且进一步走弱。

The price of zinc in Guangdong market this week focused on a price increase of 20mur60 / ton for the Shanghai zinc 2008 contract, and the discount on the Guangdong market was 90 yuan / ton higher than that of the Shanghai market, which was 10 yuan higher than that of last Wednesday. This week, Guangdong spot than the 2008 contract water further narrowed, with the early part of the smelter overhaul to resume production, coupled with the smelter realization demand-driven, Guangdong market delivery volume continues to increase, market negotiable supply is relatively abundant, while downstream die-casting zinc alloy plant orders are still depressed, market demand is insufficient, in the case of overall oversupply, the holder shipping pressure, continue to reduce the spot rising water quotation for shipment; In the absence of downstream demand support, traders mainly received goods at low prices, exerting pressure on spot performance, but in the second half of the week, after the spot quotation dropped to 30 yuan / ton for 2008 contracts, the willingness of the holder to continue to reduce the price was limited, showing a slight stalemate between the supply and demand sides. Overall, in the context of weak downstream demand, the short-term spot premium is difficult to support, but the impending delivery will limit the spot discount to the current month's contract, and Guangdong spot rally is expected to continue the current depressed performance.

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