Tianjin Zinc: Futures market fluctuates, with weak downstream demand [SMM midday review]

SMM reported on July 17: The mainstream transactions for #0 zinc ingot in the Tianjin market ranged from 22,030 to 22,150 yuan/mt, with Zijin transactions ranging from 22,050 to 22,170 yuan/mt. #1 zinc ingot transactions were around 21,930 to 22,040 yuan/mt, while Huludao reported prices at 23,060 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 0 to 20 yuan/mt against the 2508 contract. The Tianjin market was quoted at a discount of around 40 yuan/mt compared to the Shanghai market. By the close of the morning session, Xinzhi was quoted at a discount of 0 to 10 yuan/mt against the 08 contract, while Chihong was quoted at a discount of 10 to 20 yuan/mt against the 2508 contract. High-priced brand Zijin was quoted at a premium of around 0 to 20 yuan/mt against the 08 contract. Today, the futures market rebounded slightly. Downstream buyers restocked slightly at lower prices in the previous days, but purchasing sentiment was weak today. The premiums and discounts offered by traders for shipments pulled back slightly. After delivery, warrants will be released, and overall market transactions were weak.