Tianjin Zinc: Market Transactions Average as Holiday Approaches [SMM Midday Commentary]

SMM, September 28: In the Tianjin market, mainstream transactions for #0 zinc ingot were at 26,260-26,660 yuan/mt, with Zijin transactions at 26,490-26,790 yuan/mt. Transactions for #1 zinc ingot were around 26,220-26,520 yuan/mt. Zijin was quoted at a premium of 100-150 yuan/mt against the 2610 contract, while Huxin was quoted at 28,140 yuan/mt. #0 zinc ingot was quoted at a premium of 30 yuan/mt to a discount of 80 yuan/mt against the 2611 contract. The Tianjin market was quoted at a discount of around 40 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 1.71, and the shipment sentiment was 2.21. Futures consolidated, and most downstream buyers had already completed holiday stockpiling, resulting in fewer inquiries. As the holiday approached, traders were not actively selling, premiums remained stable, and overall market trading sentiment was weak.