Tianjin Zinc: Futures Pull Back Slightly; Downstream Restocking on Rigid Demand [SMM Midday Review]

SMM, July 17: In the Tianjin market, #0 zinc ingot mainstream transactions were at 24,380-24,670 yuan/mt, Zijin traded at 24,500-24,700 yuan/mt, #1 zinc ingot traded near 24,380-24,590 yuan/mt, Zijin was quoted around parity against the 2608 contract, Huxin was quoted at 25,745 yuan/mt, #0 zinc ingot was quoted at a discount of 30-120 yuan/mt against the 2608 contract, and the Tianjin market was quoted at a discount of 85 yuan/mt against Shanghai. As of the midday session close, high-priced brand Zijin was quoted at around parity against the 2608 contract, and Xinzi was quoted at a discount of 60 yuan/mt against the 2608 contract. Today, refined zinc procurement sentiment in the Tianjin region was 1.83, and shipment sentiment was 2.56. Futures pulled back slightly today, but end-use consumption was poor. Downstream users mainly engaged in rigid restocking, with a small amount of point-price trading. Traders' shipment premiums remained stable. Overall, market transactions were relatively poor today.