There are many shippers, and the premium in Shanghai continues to decline [SMM Weekly Review of Spot Cargo in Shanghai]

SMM reported on July 11: This week, spot premiums in Shanghai continued to decline, with a MoM decrease of 30 yuan/mt from the weekly average price last week. As of Friday this week, premiums for common domestic brands against the 2508 contract ranged from 30 to 80 yuan/mt, while premiums for the high-priced brand Shuangyan against the 2508 contract were 160 yuan/mt. In the first half of the week, zinc prices pulled back significantly, prompting downstream enterprises to purchase at lower prices, which improved spot transactions and supported the stable operation of premiums in Shanghai. However, as the futures market continued to rise subsequently, downstream enterprises exhibited strong wait-and-see sentiment, and purchase willingness declined. Additionally, with the arrival of Qilin zinc ingots at the end of the week and a large number of traders selling, the spot premiums decreased due to poor sales. It is expected that premiums in Shanghai may continue to decline next week.

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