Tianjin Zinc: Futures market dominated by fluctuations, downstream purchase willingness remains weak [SMM Midday Review]

SMM May 29 report: In the Tianjin market, mainstream transactions for #0 zinc ingot were concluded at 22,720-22,930 yuan/mt, with Zijin transactions at 22,810-22,990 yuan/mt. Transactions for #1 zinc ingot were around 22,450-22,620 yuan/mt, while Huludao reported prices at 26,190 yuan/mt. The premium for ordinary #0 zinc against the 2506 contract was around 200-220 yuan/mt, and Zijin reported a premium of 240-260 yuan/mt against the 2506 contract. The Tianjin market reported a premium of around 10 yuan/mt against the Shanghai market. By the close of the morning session, Xinzhi reported a premium of around 200 yuan/mt against the 06 contract, while Hazin reported 140 yuan/mt against the 2506 contract. High-end brand Zijin reported a premium of around 240-260 yuan/mt against the 06 contract. The futures market remained volatile and consolidating, not yet reaching downstream buyers' psychological price levels. Downstream buyers primarily restocked based on immediate needs, with weak restocking intentions as the Dragon Boat Festival approached. Traders lowered premiums to facilitate sales, resulting in poor overall market transactions.