Tianjin Zinc: Market Trading Sentiment Weakens as Holiday Approaches [SMM Midday Commentary]

SMM, September 24: In the Tianjin market, mainstream transactions for #0 zinc ingot were at 26,540-26,770 yuan/mt, with Zijin transactions at 26,730-26,940 yuan/mt. Transactions for #1 zinc ingot were around 26,510-26,680 yuan/mt. Zijin was quoted at a premium of 100-150 yuan/mt against the 2610 contract, while Huxin was quoted at 28,305 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 around 55 yuan/mt against the Shanghai market. As of the midday close, the high-priced brand Zijin was at a premium of around 100-150 yuan/mt against the 2610 contract. In the Tianjin region, the purchasing sentiment for refined zinc was 1.75, and the selling sentiment was 2.25. Futures consolidated at highs, with downstream players mainly on the sidelines and limited inquiries. Cargo pick-up mainly involved previously priced zinc ingot, while traders were not active in selling. Premiums held steady, and overall market trading sentiment was weak.