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Mumbai, April 18 (Commoditiescontrol): Zinc prices strengthened in Shanghai on Thursday morning, with spot discounts ranging from 0 to 10 yuan/mt against the SMM zinc average. Quotes for regular domestic brands during the second trading session held discounts of 100 to 120 yuan/mt over the SHFE 2405 zinc contract.
Downstream companies actively replenished stocks earlier, but as prices rose, trading activity slowed.
Regional Reports
Guangdong: Smelters offered premiums in the first trading period but lowered quotes with weakening downstream demand. Market activity was poor overall.
Tianjin: Discounts widened for most brands as SHFE zinc prices rebounded. Market sentiment was bearish, and trading remained weak.
Ningbo: Discounts remained low with continued imported zinc inflow. Downstream buyers stayed cautious, leading to lackluster spot transactions.
Global Factors
LME zinc inventories declined slightly. Positive US durable goods data and a stronger US dollar put downward pressure on zinc prices. Market focus is turning toward upcoming US economic releases for further direction.
Outlook
Demand remains a concern, potentially limiting further upward movement in SHFE zinc prices.
(By Commoditiescontrol Bureau; +91-9820130172)
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