Tianjin Zinc: Futures Decline, Downstream Price Fixing Increases [SMM Midday Review]

SMM, October 9: In the Tianjin market, #0 zinc ingot was mainly traded at 25,650-26,060 yuan/mt, Zijin was traded at 25,830-26,170 yuan/mt, and #1 zinc ingot was traded near 26,020-26,340 yuan/mt. Zijin was quoted at a premium of 130-150 yuan/mt against the 2611 contract, Huxin was quoted at 27,430 yuan/mt, and #0 zinc ingot was quoted at a premium of 70 yuan/mt to a discount of 30 yuan/mt against the 2611 contract. The Tianjin market was quoted at a discount of 20 yuan/mt against the Shanghai market. As of the midday close, the high-priced brand Zijin was at a premium of 150-180 yuan/mt against the 2611 contract. In the Tianjin area, the purchasing sentiment for refined zinc was 1.89, and the selling sentiment was 2.37. Futures continued to pull back, but most downstream buyers had already fixed prices last night, and they still had inventory, so cargo pick-up was limited. Today, with futures rising, downstream price fixing was limited, and traders took the opportunity to raise premiums when selling, resulting in overall moderate market transactions.