Tianjin Zinc: Zinc Prices Consolidate at Highs, Downstream Purchasing Sentiment Low [SMM Midday Commentary]

SMM, September 22: In the Tianjin market, mainstream transactions for #0 zinc ingot were at 26,520-26,740 yuan/mt, with Zijin transactions at 26,720-26,830 yuan/mt. Transactions for #1 zinc ingot were around 26,500-26,620 yuan/mt. Zijin was quoted at a premium of 30-130 yuan/mt against the 2610 contract, while Huxin was quoted at 28,230 yuan/mt. #0 zinc ingot was quoted at a discount of 20-90 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 around 100 yuan/mt against the 2610 contract, while Huoshaoyun was quoted at a discount of around 100 yuan/mt against the 2610 contract. In the Tianjin region, the purchasing sentiment for refined zinc was 1.81, and the shipment sentiment was 2.36. Futures consolidated at highs, and downstream buyers had largely completed stockpiling earlier, resulting in fewer inquiries and purchases. Traders still held prices firm amid shipment sentiment, with premiums edging up slightly. Trading among traders was active, while overall market transactions were moderate.