Tianjin Zinc: Today's Contract Rollover Quotation, Sluggish Trading Atmosphere [SMM Midday Review]

SMM, February 5: In the Tianjin market, mainstream transactions of 0# zinc ingot were concluded at 23,230-23,420 yuan/mt, Zijin traded at 23,310-23,550 yuan/mt, and 1# zinc ingot traded around 23,060-23,240 yuan/mt. Huludao was quoted at 26,790 yuan/mt. Ordinary 0# zinc was quoted at a premium of 50-70 yuan/mt against the 2503 contract, while Zijin was quoted at a premium of 130-200 yuan/mt against the 2503 contract. The Tianjin market was on par with the Shanghai market, and Tianjin switched to new month quotations today. By the midday close, New Zijin was quoted at a premium of 130-150 yuan/mt against the 03 contract, Chihong 1# had no quotation against the 03 contract, Xikang was quoted at an ex-works premium of 230 yuan/mt against the 03 contract, Baiyin was quoted at a premium of around 70 yuan/mt against the 02 contract, and high-priced brand Zijin was quoted at a premium of 130-200 yuan/mt against the 03 contract. The Tianjin spot-futures price spread was 60 yuan/mt. The futures market saw a significant decline today. Post-holiday downstream production resumed gradually, but overall demand remained weak. Traders mostly adopted a wait-and-see approach with fewer quotations, and downstream buyers made limited purchases on a pricing basis. Overall market transactions were moderate.