Spot premiums weakened last week. As of last Friday, the premiums stood at 70-100 yuan/mt for regular brands over SHFE 2306 contract, 130-170 yuan/mt for high-priced Zijin zinc.
Discounts of zinc prices in Tianjin widened to 90 yuan/mt against Shanghai prices. Zinc prices fluctuated at a high level in the first half of the week, but the price spread between the SHFE front-month and SHFE next-month zinc contracts bolstered spot premiums significantly early last week as the delivery neared. Spot premiums fell as on-demand purchases muted trades. In the second half of the week, zinc prices fell below the 20,800 yuan/mt mark. However, ample available cargoes in the market, coupled with poor trades, kept spot premiums from rising.. Spot quotes will move rangebound this week.
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