Tianjin Zinc: Futures consolidate at highs, downstream purchasing sentiment is low [SMM Midday Commentary]

SMM August 12 News: In the Tianjin market, #0 zinc ingot mainly traded at 25,470-25,780 yuan/mt, Zijin traded at 25,590-25,820 yuan/mt, and #1 zinc ingot traded near 25,460-25,690 yuan/mt. Zijin reported a premium of 10-20 yuan/mt against the 2609 contract, Huzin was quoted at 26,940 yuan/mt, and #0 zinc ingot reported a discount of 20-120 yuan/mt against the 2609 contract. The Tianjin market reported a discount of 70 yuan/mt against the Shanghai market. As of the midday close, the high-priced brand Zijin registered a premium of about 10-20 yuan/mt against the 2609 contract, and Xikuang reported a discount of 70 yuan/mt delivered against the 2609 contract. Today, purchase sentiment for refined zinc in Tianjin was 1.78, and shipment sentiment was 2.52. Futures still consolidated at highs, downstream purchasing enthusiasm was low, traders dominated trading, and traders’ shipment premiums remained largely stable. Overall market transactions were average today.