SHFE Zinc Was Closed for the Qingming Festival Holiday; Attention Could Be Paid to Today’s Inventory Changes [SMM Zinc Morning Comment]

Overnight, LME zinc was closed for Easter. The market awaited further signals on the US-Iran situation before Trump’s “deadline” arrived. Uncertainty in the Middle East remained high, while social inventory outside China stayed low. LME zinc was expected to hold up well in a fluctuating trend, with attention on macro developments. As of April 2, LME zinc inventory decreased by 275 mt to 113,950 mt, down 0.24%.

Overnight, SHFE zinc was closed for the Qingming Festival holiday. China’s TCs continued to decline, providing some support to zinc prices on the upside. However, spot consumption was average recently, social inventory in China increased, and macro uncertainty remained high. Attention could be paid to inventory changes in China today. According to SMM, as of April 2, inventory in China began to build up.

Data source statement: Except for public information, all other data was processed and derived by SMM for reference only based on public information, market communication, and SMM’s internal database models, and does not constitute decision-making advice.