Tianjin Zinc: High Zinc Prices, Market Relatively Quiet [SMM Midday Review]

SMM, August 6: In the Tianjin market, #0 zinc ingot was mainly traded at 25,460-25,680 yuan/mt, Zijin traded at 25,580-25,750 yuan/mt, #1 zinc ingot traded around 25,460-25,590 yuan/mt, Zijin was reported at a premium of 0-50 yuan/mt against the 2609 contract, Huxin was reported at 26,940 yuan/mt, #0 zinc ingot was reported at a discount of 20-120 yuan/mt against the 2609 contract, and the Tianjin market was at a discount of 90 yuan/mt against the Shanghai market. As of the close of the morning session, the high-end brand Zijin was at a premium of 0-50 yuan/mt against the 2609 contract, and Xikuang was reported at a discount of 80 yuan/mt, delivered, against the 2609 contract. Today, the refined zinc purchasing sentiment in Tianjin was 1.76, and the selling sentiment was 2.41. Futures continued to rise, and downstream users were reluctant to accept, with few inquiries. Although the export window opened and the market saw many purchases in the previous two days, zinc prices were too high today, leading to reduced purchases by traders. Traders sold casually, and premiums remained largely stable. Overall market transactions were poor today.