Zinc Ingot Export Window Nearing Opening, Shanghai Spot Premiums Expected to Hold Firm Next Week [SMM Shanghai Spot Weekly Review]

SMM April 17: Spot premiums in Shanghai shifted higher this week, with the weekly average price up 10 yuan/mt WoW. As of this Friday, ordinary domestic brands were quoted at a discount of 60-40 yuan/mt against the 2605 contract, while the premium brand Shuangyan was quoted at a premium of 0-40 yuan/mt against the 2605 contract. Zinc ingot inventory in Shanghai was ample this week, with traders mainly focused on shipments. At the beginning of the week, futures zinc prices declined, and downstream enterprises inquired and made purchases on dips. However, futures zinc prices subsequently strengthened steadily, and downstream enterprises held off on purchases due to high prices, leading to weaker spot transactions. Overall, spot premiums rose first and then fell during the week. With the zinc ingot export window approaching, spot premiums are expected to hold up well next week.