Tianjin Zinc: Zinc prices surge, fewer downstream inquiries [SMM Midday Commentary]

SMM News on September 21: In the Tianjin market, mainstream transactions of #0 zinc ingot were at 26,590-26,820 yuan/mt; Zijin traded at 26,710-26,970 yuan/mt; #1 zinc ingot traded around 26,560-26,730 yuan/mt. Zijin was quoted at a premium of 30-130 yuan/mt against the 2610 contract; Huluxin was quoted at 28,365 yuan/mt; #0 zinc ingot was quoted at a discount of 20-90 yuan/mt against the 2610 contract; Tianjin was quoted at a discount of around 65 yuan/mt versus Shanghai. As of the midday close, the high-priced brand Zijin was at a premium of about 30-130 yuan/mt against the 2610 contract, while Huoshaoyun was quoted at a discount of about 90 yuan/mt against the 2610 contract. Refined zinc purchasing sentiment in Tianjin was 1.84, and shipments sentiment was 2.41. Futures continued to rise; downstream players mainly stayed on the sidelines, with weak purchasing sentiment and fewer inquiries. Traders were active in trading, with a mindset to hold prices firm, and premiums remained stable. Overall market transactions were relatively poor.