Spot Zinc Premiums in Guangdong to Rangebound

SHANGHAI, Mar 27 (SMM) - Spot #0 zinc in Guangdong was quoted with premiums of 100 yuan/mt over SHFE 2305 contract last week, and of 30 yuan/mt against Shanghai prices. In the first half of the week, despite that the zinc prices hovered at lows, downstream enterprises, who held high stocks, mainly purchased as needed. In the second half of the week, the rally in zinc prices further discouraged downstream buyers from purchasing. The slack transactions enforced goods holders to keep cutting premiums. Premiums in Guangdong are expected to fluctuate this week amid swinging zinc prices.