Tianjin Zinc: Futures Pull Back, Downstream Restocking for Rigid Demand [SMM Midday Comment]

SMM July 16 News: In the Tianjin market, #0 zinc ingot was mainly traded at 24,420-24,580 yuan/mt, Zijin was traded at 24,540-24,640 yuan/mt, #1 zinc ingot was traded near 24,420-24,530 yuan/mt, Zijin was quoted around parity against the 2608 contract, Huxin was quoted at 25,775 yuan/mt, #0 zinc ingot was quoted at a discount of 60-120 yuan/mt against the 2608 contract, Tianjin market was at a discount of about 85 yuan/mt against Shanghai, and the Shanghai-Tianjin price spread widened. As of the midday close, the high-priced brand Zijin was quoted around parity against the 2608 contract, and Xinzi was quoted at a discount of 60 yuan/mt against the 2608 contract. In the Tianjin area, the purchasing sentiment for refined zinc was 1.81, and the shipment sentiment was 2.53. Today, futures pulled back slightly, overall consumption was poor, downstream mainly restocked based on rigid demand, traders' shipment premiums held steady, the export window was closed, purchase sentiment in the market cooled down, and overall market transactions were poor today.