Qilin was offered at a premium of 40 yuan against the contract during the first session, while Anning was offered at a premium of 30 yuan.
The second trading session brought no change in trader quotations. Offers remained at the levels established earlier in the day, leaving Ningbo spot premiums broadly unchanged from the previous session. The stable pricing occurred while zinc futures consolidated at elevated levels rather than making a decisive move that would reset physical-market quotations.
Buying activity was quieter because some downstream users had already purchased metal and replenished inventories the previous day. Those buyers stayed on the sidelines during the latest session, reducing the number of spot transactions even though traders continued to quote normally. The result was a divergence between the firmness of offers and the pace of completed business: prices and premiums held steady, but physical turnover weakened from the previous day.
The futures backdrop was mixed. Trading volume declined to 74,250 lots, while open interest fell by 1,176 lots to 107,000 lots.
Regional conditions showed a different structure in Tianjin. Mainstream 0# zinc was traded at 25,310-25,470 yuan per ton, Zijin at 25,450-25,580 yuan, and #1 zinc near 25,210-25,350 yuan. Zijin was quoted at a premium of 120 yuan against the 2612 contract, while #0 zinc ranged from a discount of 20 yuan to a premium of 10 yuan; Tianjin material was priced at a discount to Shanghai cargoes. Later figures put #1 zinc at 25,420-25,750 yuan, with Zijin at a 100-yuan premium and #0 zinc at a discount of 0-40 yuan. Together, the sessions point to restrained immediate buying in Ningbo rather than a broad collapse in quoted prices.