Tianjin Zinc: Downstream Restocking Sentiment is General, Premium Continues to Decline [[SMM] Midday Review]

SMM, April 28: In the Tianjin market, mainstream transactions for #0 zinc ingot were concluded at RMB 22,910-23,130/mt, with Zijin transactions at RMB 23,020-23,150/mt. Transactions for #1 zinc ingot were around RMB 22,560-22,690/mt, while Huludao reported prices at RMB 26,240/mt. The premium for ordinary #0 zinc against the 2505 contract was around RMB 230-330/mt, with Zijin reporting a premium of RMB 340-350/mt against the 2505 contract. Tianjin reported a premium of around RMB 80/mt against Shanghai. By the close of the morning session, Xinzhi reported a premium of around RMB 300-330/mt against the 05 contract, Xikuang reported a premium of around RMB 230-260/mt against the 05 contract, Baiyin reported a premium of around RMB 270/mt against the 05 contract, and the high-end brand Zijin reported a premium of around RMB 340-350/mt against the 05 contract. The futures market continued to be dominated by fluctuations. Downstream buyers had locked in prices earlier, and the sentiment for stockpiling ahead of the May Day holiday was weak, with a continued bearish outlook on prices. Traders continued to lower premiums and discounts, leading to a decline in premiums. Overall trading activity was moderate.