Tianjin Zinc: Downstream Consumes Inventory After the Holiday, Market Transactions Average [SMM Midday Commentary]

SMM, October 8: In the Tianjin market, #0 zinc ingot was mainly traded at 26,090-26,460 yuan/mt, Zijin was traded at 26,270-26,600 yuan/mt, and #1 zinc ingot was traded near 26,020-26,340 yuan/mt. Zijin was quoted at a premium of 130-150 yuan/mt against the 2611 contract, Huxin was quoted at 27,810 yuan/mt, and #0 zinc ingot was quoted at a premium of 10 yuan/mt to a discount of 50 yuan/mt against the 2611 contract. The Tianjin market was quoted at a discount of 25 yuan/mt against the Shanghai market. As of the midday close, the high-priced brand Zijin was at a premium of 130-150 yuan/mt against the 2611 contract. The purchasing sentiment for refined zinc in the Tianjin region was 1.81, and the selling sentiment was 2.23. After the holiday, futures pulled back. Downstream had stockpiled heavily before the holiday through point pricing and still held inventory, mainly consuming inventory. Due to limited spot supply in the market, premiums edged up, and overall market trading was moderate.