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

SMM, September 29: In the Tianjin market, mainstream transactions for #0 zinc ingot were at 26,320-26,590 yuan/mt, with Zijin transactions at 26,640-26,860 yuan/mt. Transactions for #1 zinc ingot were around 26,270-26,500 yuan/mt. Zijin was quoted at a premium of 200 yuan/mt against the 2610 contract, while Huxin was quoted at 28,090 yuan/mt. #0 zinc ingot was quoted at a discount of 20-70 yuan/mt against the 2611 contract, and the Tianjin market was quoted at a discount of 30 yuan/mt against the Shanghai market. As of the midday close, the high-priced brand Zijin was at a premium of about 200 yuan/mt against the 2610 contract. In the Tianjin area, the procurement sentiment for refined zinc was 1.68, and the shipment sentiment was 2.14. Futures consolidated, with downstream making just-in-time procurement in small volumes. Overall inquiries and price fixings were limited. With the holiday approaching, traders were not active in selling. Due to fewer market shipments, premiums edged up slightly, and overall market trading sentiment was weak.