There was a large arrival of zinc ingots, narrowing the premium over Shanghai [SMM Ningbo Spot Weekly Review]

SMM News on July 4:

This week, spot premiums in Ningbo first fell and then rose, decreasing by 50 yuan/mt compared to the weekly average price WoW. As of Friday this week, spot premiums in Ningbo were 100 yuan/mt against the 2508 contract and had a premium of 10 yuan/mt against the SHFE, with the premium against the SHFE narrowing somewhat during the week. In the first half of the week, zinc prices declined significantly. However, due to the successive arrival of zinc ingots from Qilin, Hualian, Anning, etc., the market supply was abundant. Some traders lowered their premium quotes to facilitate sales, causing spot premiums in Ningbo to decline accordingly. In the second half of the week, as the volume of zinc ingots gradually diminished, traders' spot quotes rebounded somewhat. However, the futures market also rose, leading to a MoM decline in market transactions. Premium increases were relatively limited, and it is expected that premiums in Ningbo may continue to decline.

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