Tianjin Zinc: Futures Pull Back, Downstream Restocking on Rigid Demand [SMM Midday Commentary]

SMM, November 4: In the Tianjin market, #0 zinc ingot was mainly traded at 25,310-25,470 yuan/mt, Zijin was traded at 25,450-25,580 yuan/mt, and #1 zinc ingot was traded near 25,210-25,350 yuan/mt. Zijin was quoted at a premium of about 120 yuan/mt against the 2612 contract, and Huxin was quoted at 26,605 yuan/mt. #0 zinc ingot was quoted at a discount of 20 yuan/mt to a premium of 10 yuan/mt against the 2612 contract, and the Tianjin market was quoted at a discount of about 35 yuan/mt against the Shanghai market. As of the midday close, the high-priced brand Zijin was at a premium of about 120 yuan/mt against the 2612 contract. In the Tianjin area, the purchasing sentiment for refined zinc was 1.94, and the selling sentiment was 2.47. Futures pulled back, and downstream zinc ingot inventory was mainly restocked on a need-to basis. Today, traders showed low willingness to sell, and as futures pulled back, premiums rose, resulting in overall moderate market transactions.