SMM October 24: Shanghai spot prices edged down this week, basically flat WoW. As of Friday, spot premiums of ordinary domestic brands were at discounts of 10-0 yuan/mt against the 2511 contract, while premiums of high-priced brand Shuangyan were at 90-100 yuan/mt against the 2511 contract. Approaching the end of the long-term contract period, traders' purchase willingness declined. Coupled with a significant rise in futures WoW, smelters showed strong willingness to sell. However, downstream orders remained average, with mostly rigid demand purchases during the week due to price resistance. Overall spot transactions were relatively weak, leading spot premiums to decline accordingly. Spot premiums are expected to remain in the doldrums next week.
