Tianjin Zinc: Many Downstream Pending Orders, Few Transactions [SMM Midday Review]

SMM July 20 News: In the Tianjin market, #0 zinc ingot was mainly traded at 24,220-24,490 yuan/mt, Zijin was traded at 24,340-24,540 yuan/mt, and #1 zinc ingot was traded near 24,220-24,410 yuan/mt. Zijin was quoted at a premium of 0-20 yuan/mt against the 2608 contract, while Huxin was quoted at 25,620 yuan/mt. #0 zinc ingot was quoted at a discount of 30-120 yuan/mt against the 2608 contract, and the Tianjin market was at a discount of around 90 yuan/mt against the Shanghai market. As of the midday close, high-end brand Zijin was quoted at a premium of 0-20 yuan/mt against the 2608 contract, and Xinzi was quoted at a discount of 50-60 yuan/mt against the 2608 contract. Today, the refined zinc purchasing sentiment in Tianjin was 1.89, and the selling sentiment was 2.58. Today, the futures pulled back slightly, and downstream orders were plentiful, but with low bid prices, resulting in almost no transactions. Traders showed a tendency to hold prices firm when selling, and premiums edged up. Overall, the market saw poor trading today.