SMM October 31: Shanghai spot prices rose throughout the week, with the weekly average price up 10 yuan/mt WoW. As of Friday, spot premiums for ordinary domestic brands were 20-30 yuan/mt against the 2511 contract, while premiums for the premium brand Shuangyan were 70-80 yuan/mt against the 2511 contract. Spot zinc ingot availability in the Shanghai market was limited during the week, and traders' sentiment to hold prices firm reemerged, driving spot premium quotes higher. However, SHFE zinc prices also strengthened continuously, and downstream enterprises remained cautious in purchasing due to fear of high prices, preferring low-priced zinc ingots delivered from plants. Overall transactions were moderate during the week, and spot premiums are expected to maintain a fluctuating trend next week.
