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April 28, 2018

Zinc spot transactions down as SHFE zinc weakens

SHANGHAI, Apr 26 (SMM) – Amid pessimistic sentiment, China's zinc spot market traded thinly on Thursday April 26 as SHFE zinc dipped in the morning, SMM learned.

Most long-term orders halted today, before the Labour Day holiday. Some smelters were also not keen to sell as the value-added tax (VAT) cut on May 1 loomed.

In Shanghai, #0 zinc mostly traded at 23,950-24,080 yuan/mt. The 0# common brands were offered at a premium of 200-230 yuan/mt against the SHFE 1805 contract with 0# Shuangyan at a premium of 280-320 yuan/mt. Sellers offered actively with few transactions . Most #1 zinc traded at 23,870-23,960 yuan/mt.

In the Guangdong market, #0 zinc mostly traded at 24,000-24,030 yuan/mt. The Guangdong-Shanghai price spread remained flat from the previous day, at a discount of 50-40 yuan/mt. Cargoes with invoices for April mostly traded at a premium of 270-300 yuan/mt over the SHFE 1806 contract, slightly higher from the previous day.

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