Tianjin Zinc: Futures Did Not Pull Back to Downstream Psychological Price Level, Trading Was Moderate [SMM Midday Review]

SMM July 9 News: The mainstream transaction prices of #0 zinc ingot in the Tianjin market were 24,330-24,570 yuan/mt, Zijin brand traded at 24,420-24,650 yuan/mt, and #1 zinc ingot traded around 24,330-24,540 yuan/mt. Zijin was quoted at a discount of 0-30 yuan/mt against the 2608 contract, Huzinc was quoted at 25,700 yuan/mt, and #0 zinc ingot was quoted at a discount of 80-120 yuan/mt against the 2608 contract. The Tianjin market traded at a discount of around 40 yuan/mt against the Shanghai market. As of the morning session close, the high-end brand Zijin was reported at a discount of 0-30 yuan/mt against the 2608 contract, and Xinzi was reported at a discount of 80-90 yuan/mt against the 2608 contract. Today, the refined zinc purchasing sentiment in the Tianjin region was 1.78, and the shipment sentiment was 2.55. Futures pulled back slightly today but did not reach a level more acceptable to downstream buyers. Downstream consumed inventory or mainly relied on long-term contracts. Premiums edged down, and traders mainly traded among themselves. Overall market transactions were average today.