Tianjin Zinc: Futures market declined sharply, premium remained stable [SMM Midday Review]

SMM June 10: In the Tianjin market, mainstream transactions for #0 zinc ingot were concluded at 22,060-22,230 yuan/mt, with Zijin transactions at 22,120-22,260 yuan/mt. Transactions for #1 zinc ingot were around 21,700-21,820 yuan/mt, while Huludao was quoted at 25,520 yuan/mt. The premium for ordinary #0 zinc against the 2507 contract was around 24-300 yuan/mt, and Zijin's premium against the 2507 contract was a premium of around 300-330 yuan/mt. Tianjin was quoted at a discount of around 50 yuan/mt compared to Shanghai. By the close of the morning session, Xinzi was quoted at a premium of around 270-300 yuan/mt against the 07 contract, while Chihong was quoted at 240 yuan/mt against the 2507 contract. High-end brand Zijin was quoted at a premium of around 300-330 yuan/mt against the 07 contract. The futures market pulled back significantly, prompting some downstream buyers to restock at lower prices. However, as there were many spot purchases made at fixed prices yesterday afternoon, the restocking sentiment among downstream buyers declined today. Premiums did not improve much, and traders maintained stable quotes, resulting in generally average market transactions.