Spot premiums decline, expected to continue falling next week [SMM Ningbo Spot Weekly Review]

SMM, May 9:

This week, spot premiums in Ningbo declined, with the weekly average price decreasing by 30 yuan/mt WoW. As of Friday this week, spot prices against the 2506 contract in Ningbo were quoted at premiums of 550-580 yuan/mt, and the spot premiums against the SHFE were 70 yuan/mt, with the premium against the SHFE expanding during the week. Zinc prices maintained a fluctuating trend this week. At the beginning of the week, some downstream enterprises purchased a significant amount of raw materials before the holiday, resulting in lower purchase willingness. Subsequently, imported zinc ingots began to be pre-sold at low prices during the week, exerting a certain impact on domestic spot cargo. Overall trading performance was average during the week. With traders facing difficulties in selling, spot premium quotes declined slightly. Given that downstream consumption has not shown improvement, spot premiums are expected to continue to decline next week.

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