SHANGHAI, Jun. 12 (SMM) – Shanghai spot zinc market is expected to trade at narrower discounts or slight premiums over August-delivery contract on the SHFE due to supply restrictions, Shanghai Metals Market predicts.
“Cargo holder unwillingness to sell now helps narrow Shanghai’s zinc spot discounts,” SMM zinc group says.
Discounts of #0 zinc price in Shanghai against SHFE zinc contract for August delivery are down to 50 yuan per tonne from 100 yuan per tonne in late May, SMM data show.
Shanghai zinc inventories are trending to drop since late May in response to falling arrivals from other regions from no price advantages and limited imports, according to SMM data.
The decline in inventories, coupled with falling zinc prices, left low sales interest in the Shanghai market, SMM explains.
“Narrow spot discounts or even slight premiums, however, will not persist very long, and may continue into late June due to lack of demand,” SMM adds.
In earlier news, SMM expects a high utilization rate at major Chinese zinc smelters in June.
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