SMM, February 7: This week, spot premiums in the Shanghai region increased, up 65 yuan/mt WoW based on the weekly average price. As of this Friday, spot premiums for ordinary domestic brands against the 2503 contract stood at 70 yuan/mt, while high-end brand Shuangyan had no quotes against the 2503 contract. This week marked the first trading week after the Chinese New Year. On the first trading day, zinc prices declined, and coupled with limited zinc ingot inventory buildup during the holiday, traders stood firm on quotes and continuously raised spot premiums. However, with few downstream enterprises resuming operations and a significant rebound in the futures market from its lows, transactions weakened, and premiums struggled to rise. It is expected that zinc ingots in transit will continue to arrive in the Shanghai market next week, and with increased supply, spot premiums may see little improvement.
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