Guangdong Zinc: Zinc Prices Continue to Rise, Trading Turns Quiet [SMM Midday Review]

SMM July 23: Guangdong #0 zinc was mainly traded at 24,650~24,840 yuan/mt, with mainstream brand quotations at discounts of 95~85 yuan/mt against the 2609 contract, and a spot discount of 45 yuan/mt against Shanghai spot cargo, narrowing the Shanghai-Guangdong price spread. Today, suppliers quoted discounts of 95~85 yuan/mt for Qilin, Mengzi, and Anning brands. In the Guangdong region, the sentiment for refined zinc procurement was 1.90, and sales sentiment was 2.45. The futures market rose during the daytime session, revealing end-user fear of high prices. Coupled with downstream demand being in the off-season, market trading weakened, spot premiums lacked upward momentum, maintaining a steep discount status.