Tianjin Zinc: Futures market pulls back, downstream procurement sentiment remains low [SMM Midday Review]

SMM May 16: In the Tianjin market, mainstream transactions for #0 zinc ingot were concluded at 22,720-22,940 yuan/mt, with Zijin transactions at 22,820-22,990 yuan/mt. #1 zinc ingot transactions were around 22,400-22,670 yuan/mt, while Huludao was quoted at 26,130 yuan/mt. Regular #0 zinc ingot was quoted at a premium of 200-300 yuan/mt against the 2506 contract, and Zijin was quoted at a premium of 300-350 yuan/mt against the 2506 contract. The Tianjin market was quoted on par with the Shanghai market. By the close of the morning session, Chihong was quoted at a premium of 200-270 yuan/mt against the 06 contract, Xinzi was quoted at a premium of 280-300 yuan/mt against the 06 contract, and the premium brand Zijin was quoted at a premium of 300-350 yuan/mt against the 06 contract. The futures market pulled back today, but downstream procurement sentiment remained low, with restocking mainly driven by immediate needs. Traders continued to lower premiums for sales, and overall market transactions improved slightly compared to yesterday.