Tianjin Zinc: Stronger Holiday Expectations in Downstream, Trading Dominated by Traders [SMM Midday Review]

SMM, May 30: In the Tianjin market, mainstream transactions for #0 zinc ingot were concluded at 22,700-22,920 yuan/mt, with Zijin transactions at 22,780-22,950 yuan/mt. Transactions for #1 zinc ingot were around 22,430-22,580 yuan/mt, while Huludao reported prices at 26,130 yuan/mt. The premium for ordinary #0 zinc against the 2506 contract was around 150-230 yuan/mt, and the premium for Zijin against the 2506 contract was a premium of 230-260 yuan/mt. Tianjin reported a premium of around 10 yuan/mt over Shanghai. By the close of the morning session, Xinzhi reported a premium of 200-210 yuan/mt against the 06 contract, while Chihong reported 150-200 yuan/mt against the 2506 contract. High-end brand Zijin reported a premium of around 230-260 yuan/mt against the 06 contract. The futures market fluctuated today. With many downstream enterprises having holiday arrangements for the Dragon Boat Festival, restocking demand was weak. As new long-term contracts began to be executed, large plants mostly waited for the execution of these contracts. Traders' shipments remained slightly stable, with trading dominated by merchants. Overall market transactions were poor.