Tianjin Zinc: Futures Market Rebounds with Weaker Transactions and Slight Decline in Premiums [SMM Midday Review]

SMM reported on February 12: In the Tianjin market, mainstream transactions of 0# zinc ingot were concluded at 23,570-23,840 yuan/mt, Zijin traded at 23,640-23,850 yuan/mt, and 1# zinc ingot was traded around 23,450-23,660 yuan/mt. Huludao was quoted at 27,100 yuan/mt. Ordinary 0# zinc was quoted at a premium of 0-80 yuan/mt against the 2503 contract, while Zijin was quoted at a premium of 70-80 yuan/mt against the 2503 contract. The Tianjin market showed a discount of around 10 yuan/mt compared to the Shanghai market. By the midday close, Xinzi was quoted at a premium of around 70 yuan/mt against the 03 contract, Chihong had no offers for the 03 contract, Xikeng was quoted at a premium of 20-60 yuan/mt against the 03 contract, Hongye was quoted at a premium of 70-80 yuan/mt against the 03 contract, and high-end brand Zijin was quoted at a premium of 80-90 yuan/mt against the 03 contract. The futures market mainly fluctuated today. Prices pulled back significantly last night, prompting downstream buyers to restock at lower prices. Prices rebounded slightly today compared to yesterday but failed to reach downstream psychological price levels, leading to reduced purchases. Traders slightly raised their offers during the first session, but after poor transactions, they lowered premiums to facilitate sales. Overall, market trading sentiment was sluggish.