Tianjin Zinc: Weak Consumption, Average Transactions [SMM Midday Comment]

SMM July 2: In Tianjin market, #0 zinc ingot was mainly traded at 24,130-24,380 yuan/mt, Zijin traded at 24,180-24,370 yuan/mt, and #1 zinc ingot traded around 24,110-24,290 yuan/mt. Zijin was reported at a discount of 30-50 yuan/mt against the 2608 contract, Huxin quoted at 25,270 yuan/mt, and #0 zinc ingot was reported at a discount of 30-100 yuan/mt against the 2608 contract. The Tianjin market was at a discount of about 35 yuan/mt to Shanghai. By the close of the morning session, the high-end brand Zijin was reported at a discount of 30-50 yuan/mt against the 2608 contract, and Xinzi was reported at a discount of 50-100 yuan/mt against the 2608 contract. Today, purchasing sentiment for refined zinc in Tianjin was 1.91, and selling sentiment was 2.56. Futures consolidated today, but downstream consumption was weak. Earlier point-priced cargoes were still being picked up, and the market was largely wait-and-see with few inquiries. Traders' premiums on shipments remained stable, and overall market transactions were moderate.