Tianjin Zinc: Futures Surge, Trading Sluggish [SMM Midday Review]

SMM, August 3: In the Tianjin market, #0 zinc ingot was mainly traded at 24,950-25,120 yuan/mt, Zijin traded at 25,070-25,180 yuan/mt, and #1 zinc ingot traded around 24,950-25,060 yuan/mt. Zijin was quoted at a premium of 0-10 yuan/mt against the 2609 contract, Huxin was quoted at 26,390 yuan/mt, and #0 zinc ingot was quoted at a discount of 50-120 yuan/mt against the 2609 contract. The Tianjin market was at a discount of around 100 yuan/mt against the Shanghai market. At the close of the morning session, the high-priced brand Zijin was quoted at about parity against the 2609 contract, and Huoshaoyun was quoted at a discount of 120 yuan/mt against the 2609 contract. Today, the purchasing sentiment for refined zinc in Tianjin was 1.82, and the selling sentiment was 2.33. As futures prices surged, downstream users were cautious about high prices and made few inquiries. Traders were not active in selling, and their selling premiums remained largely stable. Overall market transactions were weak today.