Tianjin Zinc: Futures Rebound, Downstream Wait-and-See [SMM Midday Review]

SMM Jul 6 news: In the Tianjin market, #0 zinc ingot was mainly traded at 24,330-24,540 yuan/mt, Zijin brand traded at 24,410-24,540 yuan/mt, and #1 zinc ingot traded at around 24,320-24,460 yuan/mt. Zijin was quoted at a discount of around 30 yuan/mt against the 2608 contract, Huxin was quoted at 25,510 yuan/mt, and #0 zinc ingot was quoted at a discount of 30-110 yuan/mt against the 2608 contract. The Tianjin market was quoted at a discount of around 35 yuan/mt against the Shanghai market. As of the end of the morning session, the high-priced Zijin brand was quoted at a discount of around 30 yuan/mt against the 2608 contract, and Xinzi was quoted at a discount of 70 yuan/mt against the 2608 contract. Today, the purchasing sentiment for refined zinc in Tianjin was 186, and the selling sentiment was 2.53. The futures market continued to rebound today, with downstream players cautious about purchasing due to high prices and mostly staying on the sidelines. Traders' selling premiums edged down slightly, and overall market transactions were average.