Tianjin Zinc: Futures market declines, with limited improvement in trading volume [SMM Midday Review]

SMM reported on July 1: In the Tianjin market, mainstream transactions for #0 zinc ingot were concluded at 22,190-22,440 yuan/mt, with Zijin transactions concluded at 22,230-22,450 yuan/mt. Transactions for #1 zinc ingot were concluded around 22,100-22,310 yuan/mt, while Huludao was quoted at 25,640 yuan/mt. The ordinary #0 zinc ingot was quoted at a discount of 30 yuan/mt to a premium of 20 yuan/mt against the 2507 contract, with Zijin quoted at a premium of 10-30 yuan/mt against the 2507 contract. The Tianjin market was quoted at a discount of 70 yuan/mt against the Shanghai market. By the close of the morning session, Xikuang was quoted at parity against the 07 contract, while Chihong was quoted at a discount of 30 yuan/mt to a premium of 10 yuan/mt against the 2507 contract. The high-end brand Zijin was quoted at a premium of 10-30 yuan/mt against the 07 contract. The futures market pulled back slightly today, but downstream consumption remained weak. Enterprises mainly restocked based on immediate needs, with no significant restocking observed. Traders' quotes were chaotic, but premiums rose slightly. The premiums and discounts in the Tianjin market rebounded to a state of small discounts, with traders actively engaging in transactions. Overall market transactions improved slightly compared to yesterday.