Spot premiums hovered rangebound last week. As of last Friday, premiums of domestic regular brands stood at 200-230 yuan/mt over the SHFE June zinc contract, and spot premiums of Shuangyan zinc were 260 yuan/mt over the contract.
The trading activity of traders declined last week due to the delivery and the Lead & Zinc Summit, and the overall quotation was mainly stable. Zinc prices fell at the end of the week and the inventory in Shanghai continued to be low. Spot premiums slightly increased.
On the whole, traders mainly traded at the average price during the week. Downstream companies still had a bearish sentiment on zinc prices, and they just purchased at lows. Premiums in Shanghai are expected to remain high this week.
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