Zinc Premiums in the Shanghai Market Drop on Feb 9

SHANGHAI, Feb 9 (SMM) - Spot zinc prices fell on February 9. #0 zinc was mostly traded at 23,230-23,360 yuan/mt, Shuangyan zinc 23,280-23,410 yuan/mt, and #1 zinc 23,160-23,290 yuan/mt. In early trading, quotations offered by traders basically stood at the average price to gain deals. The firm premiums suppressed downstream purchases, which forced the traders to lower their quotes to a small premium over the average spot price. In the second trading session, the market transactions improved with the decline in the futures prices. And the traded prices among traders grew to around 0 yuan/mt over the SHFE 2303 contract, and those by downstream companies stood at discounts of 20-30 yuan/mt. The overall transactions improved today compared with yesterday.