Spot zinc ingot supply remained tight, with premiums staying high during the week [SMM Ningbo Spot Market Weekly Review]

SMM December 12 News:

      Spot premiums in Ningbo fluctuated at highs this week, up 30 yuan/mt WoW from the weekly average price. As of Friday, spot prices against the 2601 contract stood at a premium of 165 yuan/mt, and against Shanghai prices at a premium of 100 yuan/mt, with premiums against Shanghai fluctuating at highs during the week. Traders continued to pre-sell future zinc ingots, while spot cargo availability remained tight, keeping overall spot premiums fluctuating at highs. However, as zinc prices continued to rise, downstream enterprises' willingness to purchase weakened. Coupled with mediocre enterprise orders in the off-season, overall spot transactions were mediocre during the week. With no improvement in market supply, premiums are expected to see no significant pullback next week.