Tianjin Zinc: Futures market pulls back, downstream restocking sentiment is poor [SMM Midday Review]

SMM reported on July 16: The mainstream transactions for #0 zinc ingot in the Tianjin market ranged from 21,970 to 22,060 yuan/mt, with Zijin transactions ranging from 22,000 to 22,090 yuan/mt. Transactions for #1 zinc ingot were around 21,870 to 21,950 yuan/mt, while Huludao reported prices at 23,000 yuan/mt. The ordinary #0 zinc ingot was quoted at a discount of 0 to 20 yuan/mt against the 2508 contract, with Zijin quoted at a premium of 10 to 30 yuan/mt against the 2508 contract. The Tianjin market was quoted at a discount of around 50 yuan/mt compared to the Shanghai market. By the close of the morning session, Xinzi was quoted at a discount of 0 to 20 yuan/mt against the 08 contract, while Chihong was quoted at a discount of 0 to 20 yuan/mt against the 2508 contract. High-end brand Zijin was quoted at a premium of around 10 to 30 yuan/mt against the 08 contract. Today, the futures market continued to