Tianjin Zinc: Futures market pulls back, downstream still has bearish sentiment [SMM Midday Review]

SMM July 14: In the Tianjin market, #0 zinc ingot mainstream transactions settled at 22,120-22,240 yuan/mt, Zijin traded at 22,150-22,280 yuan/mt, while #1 zinc ingot transactions hovered around 22,010-22,120 yuan/mt. Huludao reported prices at 23,080 yuan/mt. #0 zinc ordinary was quoted at a discount of 10 yuan to a premium of 10 yuan/mt against the 2508 contract, with Zijin quoted at a premium of 20-50 yuan/mt against the 2508 contract. Tianjin market traded at a discount of around 40 yuan/mt compared to Shanghai. By the midday close, Xin Zijin was quoted at a 10 yuan/mt discount against the 08 contract, Chihong at a 0-10 yuan/mt discount against the 2508 contract, Hongye at parity against the 08 contract, and premium brands like Zijin at a 20-50 yuan/mt premium against the 08 contract. The futures market pulled back significantly today, prompting limited restocking by downstream buyers amid persistent bearish sentiment. Traders slightly lowered premiums to facilitate shipments, with transactions mainly occurring between traders. Overall market activity remained sluggish.