SHANGHAI, Jun. 17 (SMM) – Shanghai spot zinc prices are expected to trade 0-50 yuan per tonne above August delivery SHFE zinc contracts, Shanghai Metals Market foresees.
“SHFE 1508 zinc is expected to fall below 16,000 yuan per tonne for the foreseeable future, and then Shanghai spot zinc market will trade at premiums,” SMM zinc group says.
Domestic zinc downstream producers also expressed their pessimism towards zinc price outlook, according to the results of SMM survey, some expecting price to drop below the 16,000 yuan mark.
Spot discounts of #0 zinc price in Shanghai over SHFE zinc contracts for August delivery have narrowed below 50 yuan per tonne, down from 100 yuan in late May, according to SMM data.
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