Spot Zinc Premiums In Shanghai Are Likely To Fall

Spot premiums hovered at high levels last week. As of last Friday, premiums of domestic regular brands stood at 210 yuan/mt over the SHFE 2306 zinc contract, and spot premiums of Shuangyan zinc were 360 yuan/mt over the contract. Zinc prices fell rapidly last week, but the premiums did not see a significant boost.

The main reason was that downstream purchases were less than expected due to market panic. Besides, imported zinc flowed into the Shanghai market, which had an impact on the premiums. But low available domestic zinc brands supported spot premiums. It is expected that this week, with the increase in domestic goods and the impact of imported brands, spot premiums in Shanghai are likely to fall.

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