Market supply is limited, and spot prices have been rising all the way. [SMM Shanghai Weekly Spot Market Review]

SMM October 17: This week, Shanghai spot zinc prices rose consistently, with the weekly average price up 20 yuan/mt WoW. As of Friday, spot premiums for regular domestic brands were 40 yuan/mt against the 2511 contract, while premiums for high-priced brands such as Shuangyan were 100–120 yuan/mt against the 2511 contract. Zinc futures prices edged lower this week, and most downstream enterprises remained bearish, resulting in limited spot purchasing. However, driven by invoice profits, traders were active in transactions. Coupled with reduced willingness to sell among some enterprises due to the open export window, spot availability in the Shanghai market was limited during the week, pushing spot premiums upward. Premiums are expected to maintain a fluctuating trend next week.