Tianjin Zinc: Futures High, Downstream Fearful of High Prices and Cautious in Purchasing [SMM Midday Comment]

SMM July 27: The mainstream traded price of #0 zinc ingot in the Tianjin market was 24,620-24,790 yuan/mt, Zijin traded at 24,760-24,870 yuan/mt, and #1 zinc ingot traded around 24,620-24,730 yuan/mt. Zijin was quoted at a premium of 20-30 yuan/mt against the SHFE 2608 contract, Huxin was quoted at 26,085 yuan/mt, #0 zinc ingot was quoted at a discount of 50-120 yuan/mt against the SHFE 2608 contract, and the Tianjin market was quoted at a discount of 95 yuan/mt against the Shanghai market. As of the close of the morning session, the high-priced brand Zijin was quoted at a premium of around 20-30 yuan/mt against the SHFE 2608 contract, and Xinzi was quoted at a discount of 50 yuan/mt against the same contract. The purchasing sentiment for refined zinc in Tianjin was 1.91, and the shipment sentiment was 2.52. Futures rallied, while end-use consumption remained sluggish; downstream buyers were cautious amid high prices, traders' shipment premiums were largely stable, and overall market transactions were moderate.