Traders Raised Their Quotes Due To the Lack of Zinc Arrivals in Ningbo Market

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After the SHFE front-month copper contract delivery last week, spot premiums for copper in north China rose initially and then declining, with an overall upward trend. By last Friday, spot copper traded with discounts of 120 yuan/mt to premiums of 60 yuan/mt, with an average discount of 30 yuan/mt, marking a 120 yuan/mt increase compared to the previous Friday.

The premiums in Guangdong fluctuated around 200 yuan/mt last week due to falling inventories. As of last Friday, the spot premiums for high-quality copper dipped 20 yuan/mt from a week ago to 210 yuan/mt, and the premiums for standard-quality copper stood at 200 yuan/mt, flat from a week ago. Hydro-copper was quoted with premiums of 140 yuan/mt, a decline of 10 yuan/mt from a week ago.

On May 23, premiums of Jinchuan nickel were 10,500-11,000 yuan/mt.

Stainless steel prices remained low last week, with spot #304 quotes dipping about 300 yuan/mt WoW.

The market paid close attention to the pending US Fed rate increases and the possible global economic recession as the Fed rate hike in the past few months failed to quell the core inflation.

Rare earth concentrate prices increased further last week, driven by risingprices of PrNd and dysprosium iron.

Shanghai nonferrous metals closed mostly with losses in day trading.

SHFE 2306 lead opened at 15,310 yuan/mt and hovered around 15,290 yuan/mt.