Tianjin Zinc: Zinc prices break through highs, market sees almost no transactions [SMM Midday Commentary]

SMM, September 8: In the Tianjin market, #0 zinc ingot was mainly traded at 27,180-27,710 yuan/mt, Zijin was traded at 27,390-27,830 yuan/mt, and #1 zinc ingot was traded near 27,210-27,600 yuan/mt. Zijin was quoted at a premium of 60-120 yuan/mt against the 2610 contract, Huxin was quoted at 28,815 yuan/mt, and #0 zinc ingot was quoted at a discount of 0-150 yuan/mt against the 2610 contract. The Tianjin market was quoted at a discount of 45 yuan/mt against the Shanghai market. As of the midday close, the high-priced brand Zijin was at a premium of 60-120 yuan/mt against the 2610 contract, and Xinzi was quoted at parity against the 2610 contract. Today, the purchasing sentiment for refined zinc in the Tianjin region was 1.51, and the selling sentiment was 2.31. Futures surged to a yearly high, downstream buyers did not purchase zinc ingot, and traders were less willing to sell due to excessively high futures prices. Overall, almost no deals were concluded in the market today.