Haxin Qilin zinc arrives; some traders sell off at low prices [SMM Ningbo Spot Weekly Review]

SMM News on June 13:

This week, spot premiums in Ningbo have gradually weakened, decreasing by 200 yuan/mt WoW compared to the weekly average price. As of Friday this week, spot prices against the 2507 contract in Ningbo were quoted at a premium of 250 yuan/mt, and against the SHFE, they were at a premium of 10 yuan/mt. The spot premiums against the SHFE maintained a fluctuating trend during the week. At the beginning of the week, the futures market declined significantly, prompting downstream enterprises to purchase at low prices, resulting in relatively good spot transaction performance. However, as zinc prices subsequently rebounded to over 22,000 yuan/mt, enterprises adopted a wait-and-see attitude again, with purchases and deliveries maintained at just-in-time levels. Transaction performance deteriorated MoM. Additionally, with a large influx of Harbin Zinc and Kirin zinc ingots during the week, some traders faced difficulties in selling and began to offload their inventory at low prices, leading to a significant decline in Ningbo's premiums. It is expected that premiums will continue to decline next week.

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