Tianjin Zinc: Futures Rally, Market Transactions Remain Light [SMM Midday Comment]

SMM July 23: In the Tianjin market, #0 zinc ingot mainstream transactions were at 24,570–24,820 yuan/mt, Zijin transactions were at 24,700–24,910 yuan/mt, #1 zinc ingot transactions were around 24,570–24,770 yuan/mt, Zijin against the 2608 contract reported a premium of 10–30 yuan/mt near, Huxin was at 26,090 yuan/mt, #0 zinc ingot against the 2608 contract reported a discount of 60–120 yuan/mt near, and the Tianjin market against the Shanghai market reported a discount of 90 yuan/mt near. As of the morning session close, the high-priced brand Zijin against the 2608 contract was around a premium of 10–30 yuan/mt, and Huoshaoyun against the 2608 contract offered a discount of 100 yuan/mt delivered. Today, the purchase sentiment for refined zinc in Tianjin was 1.91, and the shipment sentiment was 2.52. Today the futures rallied, end-use consumption remained poor, and downstream users were cautious about buying at high prices with low purchasing enthusiasm. Traders slightly lowered the premiums for shipments, and overall market transactions were mediocre today.