Latest Update in the SMM Zinc Market

[Guangdong Zinc: Widening Price Spread Between Futures Contracts, Spot Premiums Unchanged from Yesterday] The mainstream transaction price of 0# zinc in Guangdong ranged from 22,090 to 22,185 yuan/mt. Mainstream brands were quoted at a premium of 180 to 210 yuan/mt against the 2508 contract, and at a discount of 70 yuan/mt against Shanghai spot cargo. The Shanghai-Guangdong price spread widened...

[Tianjin Zinc: Low Purchase Willingness in Downstream, Premium Continues to Decline] In the Tianjin market, the mainstream transaction price for #0 zinc ingot was 22,060-22,180 yuan/mt, with Zijin trading at 22,120-22,220 yuan/mt, and #1 zinc ingot trading around 21,940-22,030 yuan/mt. Huludao reported a price of 25,560 yuan/mt. The premium for ordinary #0 zinc against the 2507 contract was reported around 30-40 yuan/mt, while Zijin reported a premium of around 60-80 yuan/mt against the 2507 contract. The Tianjin market reported a discount of around 60 yuan/mt compared to the Shanghai market.

[Ningbo Zinc: Weak downstream orders, no improvement in transactions] The transaction price of mainstream 0# zinc brands in the Ningbo market is around 22,185-22,245 yuan/mt. The premium for mainstream brands in Ningbo against the 2507 contract is 100 yuan/mt, and the premium against Shanghai spot cargo is 10 yuan/mt. Mainstream brands in the Ningbo region are quoting against the 2507 contract...

[Shanghai Zinc: Futures Market Fluctuates, Shanghai Premium Holds Steady]: Today, mainstream transaction prices for 0# zinc were concentrated in the range of 22,205-22,295 yuan/mt, with Shuangyan zinc trading at 22,345-22,425 yuan/mt, and mainstream transaction prices for 1# zinc at 22,135-22,225 yuan/mt. In the morning session, the market offered a premium of 40-50 yuan/mt against the average price, with no quotes against futures...

[SMM Morning Comment on Zinc] Overnight, the most-traded SHFE zinc 2508 contract opened at 21,975 yuan/mt. At the beginning of the trading session, bears increased their positions, causing SHFE zinc to decline rapidly and touch a low of 21,860 yuan/mt. Subsequently, the downward momentum weakened, and the price center moved slightly higher. The contract eventually closed lower at 21,905 yuan/mt, down 15 yuan/mt from the previous close, representing a 0.07% increase. Trading volume decreased to 68,309 lots, while open interest increased by 4,237 lots to 126,000 lots.

[SMM Morning Meeting Summary: Macro Sentiment Fluctuates, LME Zinc Consolidates] Overnight, LME zinc opened at $2,687/mt. In the early session, LME zinc oscillated along the daily average line, briefly dipping to a low of $2,675/mt. During European trading hours, bulls increased their positions, driving LME zinc up to a high of $2,715.5/mt. Subsequently, bears increased their positions, causing the center of LME zinc prices to move lower. It eventually closed down at $2,680.5/mt, down $5.5/mt or 0.2%. Trading volume increased to 14,712 lots, and open interest rose by 2,923 lots to 213,000 lots.

[SHFE Zinc Fluctuates Rangebound; More Macro Information to Be Monitored] The most-traded SHFE zinc 2508 contract opened at 21,975 yuan/mt. After the opening, the price center of SHFE zinc continued to fluctuate rangebound around the daily average line. During this period, SHFE zinc reached a high of 21,985 yuan/mt and a low of 21,880 yuan/mt. It eventually closed higher at 21,920 yuan/mt, up 140 yuan/mt from the previous close, representing a 0.64% increase. Trading volume increased to 186,000 lots, while open interest rose by 10,602 lots to 121,000 lots...