Tianjin Zinc: Futures Consolidate at Highs, Downstream Purchase Interest Low [SMM Midday Commentary]

SMM, November 3: In the Tianjin market, mainstream transactions for #0 zinc ingot were at 25,530-25,870 yuan/mt, Zijin traded at 25,640-25,960 yuan/mt, and #1 zinc ingot traded near 25,420-25,750 yuan/mt. Zijin was quoted at a premium of 100 yuan/mt against the 2612 contract, while Huxin was quoted at 26,835 yuan/mt. #0 zinc ingot was quoted at a discount of 0-40 yuan/mt against the 2612 contract, and the Tianjin market was quoted at a discount of 25 yuan/mt against the Shanghai market. As of the midday close, the high-priced brand Zijin was at a premium of about 100 yuan/mt against the 2612 contract. In the Tianjin region, refined zinc procurement sentiment was 1.91, and shipment sentiment was 2.51. Futures rebounded, but downstream buyers still held bearish expectations. Inquiries were limited today, traders showed low willingness to sell, premiums held steady with slight changes, and overall market transactions were moderate.