SMM

SMM News on June 13: This week, premiums and discounts in Guangdong continued to decline, dropping by 110 yuan/mt WoW. As of Friday this week, the mainstream 0# zinc quotations in the Guangdong market were at premiums of 265~300 yuan/mt over the market, and the Shanghai-Guangdong price spread widened. At the beginning of the week, there was a large amount of spot cargo circulating in Guangdong, but under the relatively weak downstream demand, spot premiums fell. Subsequently, the futures market rapidly declined, breaking below 22,000 yuan/mt. Downstream enterprises restocked at lower prices. Although traders raised their premium quotations, downstream purchase willingness remained low amid high premiums, and spot premiums showed a downward trend. Next week, Guangdong will undergo contract rollover for delivery, with the contract changing from the 2507 contract to the 2508 contract. Currently, downstream consumption has entered the seasonal off-season. Meanwhile, under the expectation of a backwardation structure and the continuous release of production from some smelters, Guangdong premiums are expected to pull back after rising.

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