Tianjin Zinc: Traders Switched to Quote against the 2209 Zinc Contract and Held Offers Firm

SHANGHAI, Aug 8 (SMM) - 0# zinc ingot in Tianjin was traded 24,590-24,770 yuan/mt. Zijin zinc had no quotations yet, and Huludao zinc is quoted at 29,250 yuan/mt. 0# zinc premiums stood at 540-590 yuan/mt over the 2209 contract. There were no quotations for Zijin zinc, and premiums in Tianjin were 120 yuan/mt over Shanghai prices. The zinc prices fell today, and the spot market saw varied premiums and discounts quotations. As of the noon of August 8, spot premiums of Bailing zinc and Chihong zinc stood at 540-580 yuan/mt and 550-580 yuan/mt respectively against the 2209 contract. There were no quotes of Hongye zinc or high-priced Zijin zinc. KZ (free from Ex-warehouse) was out of stock. Traders started quoting against 2209 zinc contract amid falling zinc prices. The goods at the Tianjin market was small with no arrivals, and the traders held their prices firm. Downstream enterprises still purchased on rigid demand. On the whole, the transactions at the Tianjin market was modest. 1# zinc ingot was traded between 24,550-24,690 yuan/mt.