SMM October 10 News:
This week, spot premiums in Ningbo held steady, basically flat WoW from the pre-holiday average. As of Friday, spot prices in Ningbo were at a discount of 35 yuan/mt against the 2511 contract and a premium of 30 yuan/mt against Shanghai prices, with the premium against Shanghai narrowing slightly during the week. During the holiday, zinc ingots arrived in the Ningbo market, leading to a slight inventory buildup. Traders' offers increased compared to pre-holiday levels, but futures rose significantly, and downstream restocking purchases were mostly for rigid demand, causing spot premiums to struggle to rise. Spot offers are expected to maintain a fluctuating trend next week.
