Tianjin Zinc: Futures Market Rebounds, Sluggish Market Transactions [SMM Midday Review]

SMM News on June 18: In the Tianjin market, the mainstream transactions for #0 zinc ingots were between 22,010 and 22,350 yuan/mt, with Zijin transactions between 22,030 and 22,180 yuan/mt, and #1 zinc ingot transactions around 21,760 to 22,020 yuan/mt. Huludao was quoted at 25,560 yuan/mt. The premium for ordinary #0 zinc against the 2507 contract was around 130 to 220 yuan/mt, while Zijin's premium against the 2507 contract was a premium of around 240 to 270 yuan/mt. The Tianjin market was quoted approximately 10 yuan/mt higher than the Shanghai market. By the close of the morning session, Xinzi was quoted at a premium of 160 to 220 yuan/mt against the 07 contract, while Chihong was quoted at around 180 yuan/mt against the 2507 contract. High-end brand Zijin was quoted at a premium of around 240 to 270 yuan/mt against the 07 contract. The futures market rebounded slightly, but downstream buyers were cautious due to high prices, which had not yet reached their psychological price levels. They remained bearish on premiums. Traders continuously lowered premiums to facilitate sales, causing premiums to pull back further. Overall market transactions were weak.