Tianjin Zinc: Zinc Prices High, Market Relatively Indifferent [SMM Midday Commentary]

SMM, August 7 – In the Tianjin market, #0 zinc ingot mainstream transactions were at 25,730-26,000 yuan/mt, Zijin traded at 25,860-26,070 yuan/mt, #1 zinc ingot traded around 25,730-25,910 yuan/mt. Zijin was offered at a premium of 10-50 yuan/mt against the 2609 contract, Huzinc was reported at 27,240 yuan/mt, #0 zinc ingot was at a discount of 20-120 yuan/mt against the 2609 contract, and the Tianjin market was at a discount of 90 yuan/mt against the Shanghai market. As of the close of the morning session, high-end brand Zijin stood at a premium of 10-50 yuan/mt against the 2609 contract, while Huoshaoyun was at a discount of 120 yuan/mt against the 2609 contract. Today, refined zinc procurement sentiment in Tianjin was 1.72 and shipment sentiment was 2.4. Futures continued to push higher, and with prices so elevated, downstream did not inquire or fix prices. Traders were laid-back in selling, while premiums remained largely stable. Overall market transactions were weak today.