Tianjin Zinc: Futures Market Rises, Trading Weakens [SMM Midday Review]

SMM, June 11: In the Tianjin market, mainstream transactions for #0 zinc ingot were concluded at RMB 22,070-22,370 yuan/mt, with Zijin transactions at RMB 22,190-22,400 yuan/mt. Transactions for #1 zinc ingot were around RMB 21,770-21,960 yuan/mt, while Huludao reported prices at RMB 25,660 yuan/mt. The premium for ordinary #0 zinc against the 2507 contract was around RMB 180-300 yuan/mt, and Zijin reported a premium of RMB 300-330 yuan/mt against the 2507 contract. Tianjin was quoted at a discount of around RMB 40 yuan/mt against the Shanghai market. By the close of the morning session, Xinzhi was quoted at a premium of around RMB 270 yuan/mt against the 07 contract, while Chihong was quoted at RMB 180-240 yuan/mt against the 2507 contract. High-end brand Zijin was quoted at a premium of around RMB 300-330 yuan/mt against the 07 contract. The futures market rebounded slightly, with downstream buyers showing low enthusiasm for procurement, primarily restocking based on immediate needs. Traders continuously lowered premiums to facilitate sales, leading to a continued decline in premiums. Traders were the main participants in the market, with overall market transactions weakening.