Tianjin Zinc: Traditional Off-Season, Downstream Purchasing Sentiment Not High [SMM Midday Review]

SMM July 15: In the Tianjin market, mainstream transactions for #0 zinc ingot were at 24,670-24,850 yuan/mt, while Zijin brand traded at 24,780-24,880 yuan/mt. #1 zinc ingot transactions were around 24,670-24,770 yuan/mt. Zijin was quoted at a discount of 0-10 yuan/mt against the 2608 contract, Hulu zinc was quoted at 25,975 yuan/mt, and #0 zinc ingot was quoted at a discount of 30-120 yuan/mt against the 2608 contract. The Tianjin market was at a discount of around 65 yuan/mt against Shanghai. As of the midday close, the high-priced brand Zijin was quoted at a discount of 0-10 yuan/mt against the 2608 contract, and Xinzi was quoted at a discount of 60 yuan/mt against the 2608 contract. Today, the purchasing sentiment for refined zinc in Tianjin was 1.77, and the selling sentiment was 2.55. Futures rebounded today, rainfall increased, and demand pulled back noticeably. Downstream demand was poor and purchasing enthusiasm was low. Traders held premiums for shipments steady, and transactions were mainly between traders. Overall market transactions were poor today.