Tianjin Zinc: Zinc prices surge to highs, market sees almost no transactions [SMM Midday Commentary]

SMM, September 1: In the Tianjin market, mainstream transactions for #0 zinc ingot were at 26,760-27,110 yuan/mt, with Zijin traded at 27,050-27,310 yuan/mt. #1 zinc ingot was traded near 26,830-27,050 yuan/mt. Zijin was quoted at a premium of 100-150 yuan/mt against the 2610 contract, while Huxin was quoted at 28,250 yuan/mt. #0 zinc ingot was quoted at a discount of 50-160 yuan/mt against the 2610 contract. The Tianjin market was quoted at a discount of around 50 yuan/mt against the Shanghai market. As of the midday close, the high-priced brand Zijin was at a premium of around 100-150 yuan/mt against the 2610 contract, and Xinzi was quoted at a discount of 70 yuan/mt against the 2610 contract. Today, the purchasing sentiment for refined zinc in the Tianjin region was 1.63, while the selling sentiment was 2.31. Futures continued to surge to a yearly high. Downstream buyers were cautious about purchasing at high prices and did not inquire or pick up goods. Large plants waited for long-term contract arrivals, and traders were also on the sidelines. Selling premiums held steady, and overall, there were almost no transactions in the market today.