Traders' Quotes Remained Firm During the Week, Spot Premiums Edged Up [SMM Shanghai Spot Weekly Review]

SMM May 22 News:

       Shanghai spot premiums continued to rise this week, with the weekly average price up 10 yuan/mt WoW. As of this Friday, ordinary domestic brands were quoted at a premium of 30-50 yuan/mt against the 2606 contract, while the premium brand Shuangyan was quoted at a premium of 130-140 yuan/mt against the 2606 contract. In the first half of the week, futures zinc prices declined, and some downstream enterprises took the opportunity to place orders and purchase to restock, with spot transactions improving and market spot premiums rising accordingly. In the second half of the week, futures prices rose significantly, and downstream purchases decreased WoW due to reluctance to buy at high prices, but traders maintained firm offers and spot premiums held steady. Spot premiums in Shanghai are expected to maintain a fluctuating trend next week.