Shanghai Zinc Premiums Invert to Discounts due to Imported Resources, SMM Reports

Published: Jun 1, 2017 16:56

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Spot premiums on #0 zinc in Shanghai slid 70 yuan per tonne and inverted to discounts over SHFE June zinc due to influx of imported zinc, SMM data showed.

SHANGHAI, Jun. 1 (SMM) - Spot premiums on #0 zinc in Shanghai slid 70 yuan per tonne and inverted to discounts over SHFE June zinc due to influx of imported zinc, SMM data showed.

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#0 zinc traded in a range of 20 yuan per tonne below to 40 yuan per tonne above June zinc on the SHFE, and 600-750 yuan per tonne above July zinc on the SHFE.

Despite fewer shipments from zinc smelters, inflows of imported zinc added to supplies. Downstream buyers purchased based on an as-needed basis. Spot trading saw no pickup today.

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