SHANGHAI, Jun. 22 (SMM) - Spot premiums on #0 zinc contracted noticeably on June 22 from yesterday, SMM noted.
Spot premiums in Shanghai and Guangdong contracted 80-140 yuan per tonne and 100 yuan per tonne, respectively, to 420-630 yuan per tonne and 330-400 yuan per tonne, SMM data showed.
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SMM learned imported zinc is more popular with downstream buyers compared to domestic zinc. Sluggish trading of domestic zinc weighed down premiums of domestic resources.
Cargo holders, at the same time, frequently lower spot premiums to push sales because of fears that spot premiums will fall further.
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Moreover, SHFE zinc surged, which posted a 7-day winning streak. This also helped expand premiums, SMM added.
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