Tianjin Zinc: Zinc prices rebound, downstream remains cautious [SMM Midday Commentary]

SMM, September 3: In the Tianjin market, mainstream transactions for #0 zinc ingot were at 26,360-26,930 yuan/mt, Zijin traded at 26,630-27,080 yuan/mt, and #1 zinc ingot traded near 26,440-26,820 yuan/mt. Zijin was quoted at a premium of 0-200 yuan/mt against the 2610 contract, while Huxin was quoted at 28,185 yuan/mt. #0 zinc ingot was quoted at a discount of 0-200 yuan/mt against the 2610 contract, and the Tianjin market was quoted at a discount of 50 yuan/mt against the Shanghai market. As of the midday close, the high-priced brand Zijin was at a premium of 70-150 yuan/mt against the 2610 contract, while Xinzi was quoted at a discount of 0-50 yuan/mt against the 2610 contract. Today, the procurement sentiment for refined zinc in the Tianjin region was 1.64, and the shipment sentiment was 2.43. Futures rebounded, downstream remained on the sidelines with only small just-in-time procurement, zinc ingot exports from Tianjin increased, inventory declined, and traders' shipment premiums edged up. Overall market transactions were poor today.