SMM November 14 News:
Spot premiums in Ningbo rose significantly this week, up 50 yuan/mt WoW from the weekly average price. As of Friday, spot prices in Ningbo were at a premium of 50 yuan/mt against the 2512 contract and a premium of 80 yuan/mt against Shanghai prices, with the premium against Shanghai remaining high during the week. Spot prices in the Ningbo market were volatile this week, as some arrived zinc ingots were pre-sold earlier, leaving spot cargoes still scarce. Traders mostly held prices firm during the week, pushing spot premiums higher. However, with futures fluctuating at highs, some downstream consumers had built up certain inventory from earlier purchases, while others maintained only rigid demand due to high prices. As downstream demand gradually weakens, spot premiums are expected to see limited increases next week.
