Tianjin Zinc: Zinc prices too high, market sees almost no transactions [SMM Midday Commentary]

SMM, September 9: In the Tianjin market, #0 zinc ingot was mainly traded at 27,210-27,530 yuan/mt, Zijin was traded at 27,480-27,630 yuan/mt, and #1 zinc ingot was traded near 27,230-27,390 yuan/mt. Zijin was quoted at a premium of 130 yuan/mt against the 2610 contract, and Huxin was quoted at 28,675 yuan/mt. #0 zinc ingot was quoted at a discount of 0-150 yuan/mt against the 2610 contract, and the Tianjin market was quoted at a discount of 45 yuan/mt against the Shanghai market. As of the midday close, the high-priced brand Zijin was at a premium of about 130 yuan/mt against the 2610 contract, and Bailing was quoted at a discount of 80-90 yuan/mt against the 2610 contract. Today, the purchasing sentiment for refined zinc in the Tianjin region was 1.54, and the selling sentiment was 2.34. Zinc prices were too high, which suppressed downstream operations, and downstream purchasing enthusiasm was low. With futures too high, traders were not active in selling, and some traders waited for delivery. Overall, there was almost no trading in the market today.