SHANGHAI, Apr 17 (SMM) – Zinc spot premiums stood at high levels over the past week as sellers were not willing to let go cargoes given weak zinc prices and the expected lower value-added tax rate from May, SMM believes.
In the Shanghai spot market, #0 zinc traded at a premium of 200-220 yuan/mt against the SHFE 1805 contract on Tuesday April 17. This compared with a premium of 180-200 yuan/mt the previous day even though the SHFE contract rebounded to 23,825 yuan/mt, from a low of 23,655 yuan/mt last Friday.
The 0# zinc traded at a discount of 20-10 yuan/mt at the start of April.
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