Spot premiums in Tianjin edged down last week. As of last Wednesday, the premiums stood at 120-130 yuan/mt for regular brands over SHFE 2307 contract, 140-150 yuan/mt for high-priced Zijin zinc. Discounts of zinc prices in Tianjin widened to 80 yuan/mt against Shanghai prices.
Traders liquidated stocks ahead of the Dragon Boat Festival holidays, preventing spot quotes from rising. Spot trading was brisk thanks to lower zinc prices. Spot quotes will meet resistance this week as downstream buyers purchase as needed.