Tianjin Zinc: Futures market rises, premium remains stable [SMM midday review]

SMM reported on July 3: In the Tianjin market, the mainstream transaction price of #0 zinc ingot ranged from 22,270 to 22,470 yuan/mt, with Zijin trading at 22,330 to 22,480 yuan/mt. The transaction price of #1 zinc ingot was around 22,180 to 22,340 yuan/mt, while Huludao reported at 25,790 yuan/mt. The premium of ordinary #0 zinc against the 2507 contract was around 0 to 20 yuan/mt, and Zijin's premium against the 2507 contract was around 30 yuan/mt. The Tianjin market was quoted at a discount of around 100 yuan/mt compared to the Shanghai market. By the close of the morning session, Xikuang was quoted at parity for delivery against the 07 contract, Chihong was quoted at parity for delivery against the 2507 contract, Bailing was quoted at 20 yuan/mt for delivery against the 07 contract, and the high-end brand Zijin was quoted at a premium of around 30 yuan/mt for delivery against the 07 contract. The futures market rose slightly today, with downstream buying sentiment remaining poor. Enterprises mainly restocked based on immediate needs or waited for long-term contract deliveries. Traders maintained stable quotes, with a refusal to budge on prices. Premiums remained stable, and overall market transactions were poor.