SMM November 21: This week, Shanghai spot cargo quotations continued to rise, with the weekly average price up 60 yuan/mt WoW. As of Friday, common domestic brands were at a premium of 100 yuan/mt against the 2512 contract, while the premium brand Shuangyan was at a premium of 200 yuan/mt against the 2512 contract. In the first half of the week, Shanghai zinc ingot inventory continued to decline, traders held prices firm, and with zinc futures prices falling, downstream enterprises showed good spot purchasing sentiment, leading to a further increase in spot premiums. However, in the latter half of the week, Shanghai market supply increased, traders began to continuously lower spot cargo quotations, downstream enterprises exhibited some wait-and-see sentiment, and spot transactions weakened. Zinc ingot premiums are expected to continue declining next week.
