Tianjin Zinc: Futures market continues to fluctuate at highs, with some traders offering discounts for shipments [SMM Midday Review]

SMM reported on June 30: The mainstream transaction price of #0 zinc ingot in the Tianjin market ranged from 22,350 to 22,520 yuan/mt, with Zijin trading at 22,410 to 22,550 yuan/mt. The transaction price of #1 zinc ingot was around 22,300 to 22,410 yuan/mt, while Huludao reported at 25,850 yuan/mt. The ordinary #0 zinc ingot was quoted at a discount of 0 to 40 yuan/mt against the 2507 contract, with Zijin quoted at a discount of 20 yuan/mt to a premium of 30 yuan/mt against the 2507 contract. The Tianjin market was quoted at a discount of around 80 yuan/mt compared to the Shanghai market. By the close of the morning session, Xikuang was quoted at a discount of 0 to 40 yuan/mt against the 07 contract, while Chihong was quoted at around parity against the 2507 contract. High-end brand Zijin was quoted at a discount of 20 yuan/mt to a premium of 30 yuan/mt against the 07 contract. Zinc prices continued to fluctuate at highs, with downstream purchase sentiment remaining poor. There were fewer inquiries and price negotiations, while traders' quotes were chaotic. Spot order transactions were poor, with some traders holding back on shipments for long-term contracts. Social inventory continued to build up, with the Tianjin region remaining in a discounted state. Overall market transactions were poor.