Tianjin Zinc: Futures Consolidate at Highs, Downstream Consumption Average [SMM Midday Review]

SMM July 14 News: The mainstream traded price of #0 zinc ingot in the Tianjin market was 24,510-24,690 yuan/mt, with Zijin traded at 24,620-24,720 yuan/mt. #1 zinc ingot was traded around 24,510-24,610 yuan/mt. Zijin was reported at a discount of 0-10 yuan/mt against the 2608 contract, Huxin was reported at 25,815 yuan/mt, and #0 zinc ingot was reported at a discount of 30-120 yuan/mt against the 2608 contract. The Tianjin market was reported at a discount of about 55 yuan/mt against the Shanghai market. By the midday close, the high-end brand Zijin was reported at a discount of around 0-10 yuan/mt against the 2608 contract, and Chihong was reported at a discount of 60-70 yuan/mt against the 2608 contract. Today, the procurement sentiment for refined zinc in the Tianjin area was 1.78, and the shipment sentiment was 2.58. The futures market continued to consolidate at highs today. Downstream demand was weak, with restocking mainly driven by rigid demand. Traders' shipment premiums remained stable, and trading was mainly conducted among traders. Overall market transactions were weak today.