SMM December 26:
Spot premiums in Ningbo fluctuated at highs this week, up 25 yuan/mt WoW from the weekly average price. As of Friday, spot prices against the 2601 contract were at a premium of 205 yuan/mt, while the premium against Shanghai prices stood at 120 yuan/mt, maintaining high levels during the week. Approaching the end of annual long-term contracts, zinc ingot arrivals in the Ningbo market were limited, and traders continued to hold prices firm. However, zinc futures maintained a fluctuating trend, downstream enterprise orders were weak toward year-end, and purchase willingness for spot cargo remained low. Overall spot transactions were mostly rigid demand-driven during the week, with spot premiums pulling back slightly from highs by the weekend. Spot premiums are expected to maintain a fluctuating trend next week.
