Tianjin Zinc: Futures Market Continues to Decline, Transactions Mainly Among Traders [SMM Midday Review]

SMM, January 9: In the Tianjin market, mainstream transactions of 0# zinc ingot were at 24,370-24,570 yuan/mt, Zijin traded at 24,410-24,600 yuan/mt, and 1# zinc ingot traded around 24,410-24,600 yuan/mt. Huludao was quoted at 27,900 yuan/mt. The premium for ordinary 0# zinc against the 2502 contract was around 480-510 yuan/mt, while Zijin's premium against the 2502 contract was around 530-550 yuan/mt. The Tianjin market had a discount of 60 yuan/mt compared to the Shanghai market. As of the midday close, there was no quotation for New Zijin against the 02 contract, Chihong quoted 490-510 yuan/mt against the 02 contract, Xikang had no quotation against the 02 contract, and Bailing quoted 480-510 yuan/mt against the 02 contract. High-end brand Zijin quoted a premium of around 530-550 yuan/mt against the 02 contract. The Tianjin spot-futures price spread was 510 yuan/mt. The futures market continued to pull back, with many downstream enterprises on holiday and some urging long-term contracts. There was limited pricing activity, as the downstream psychological price level had not been reached, and a bearish sentiment persisted. Today's transactions were mainly between traders, with overall market activity being moderate.