SMM Mar 21:The quotes in Shanghai region fluctuated rangebound this week, up 5 yuan/mt WoW from the weekly average price. By Friday, regular domestic brands were quoted at a premium of 0~10 yuan/mt against the 2504 contract, while the high-end brand Shuangyan was quoted at a premium of 60 yuan/mt against the 2504 contract. Many traders offloaded goods in the Shanghai market during the week. At the beginning of the week, zinc prices declined significantly, and downstream buyers improved their buying the dip, which led to a slight increase in spot premiums. However, as the futures market maintained a fluctuating trend, downstream enterprises became more cautious, and transactions remained at the level of rigid demand. Spot premiums struggled to rise. With warrants gradually flowing out, premiums may not see significant improvement next week.
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