SMM November 28 News:
Spot premiums in Ningbo fluctuated at highs this week, up 10 yuan/mt WoW. As of Friday, spot prices in Ningbo were at a premium of 150 yuan/mt against the 2512 contract and a premium of 100 yuan/mt against SHFE, with the premium against SHFE narrowing WoW. Zinc ingot arrivals were limited this week, and Ningbo zinc ingot inventory continued to decline. Spot offers were scarce, and overall spot premiums remained high. However, some enterprises had continuously purchased and pre-sold zinc ingots earlier, showing weak willingness to purchase high-priced spot zinc ingots. Zinc futures prices fluctuated during the week, and other spot zinc ingot purchases were mostly for rigid demand. With tight supply showing no improvement, Ningbo premiums are expected to see no significant decline next week.
