Macro Sentiment Fluctuated Back and Forth, SHFE and LME Centers Moved Higher [SMM Market Review - Weekly Price Review]

Published: Apr 10, 2026 15:21

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[Macro Sentiment Pulled Back and Forth, SHFE and LME Centers Moved Higher] LME zinc was closed at the beginning of the week due to the Easter holiday. After the holiday, it briefly continued the fluctuating trend from the previous week. Then, as tensions in the Middle East eased, macro sentiment improved somewhat, and LME zinc saw some rise. However, the market still carried a certain wait-and-see sentiment, and prices pulled back somewhat......

LME zinc: At the beginning of the week, LME zinc was closed for the Easter holiday; after the holiday, it briefly continued the fluctuating trend from the previous week; then, as tensions in the Middle East eased, macro sentiment improved somewhat, and LME zinc rose; however, wait-and-see sentiment persisted in the market, and prices pulled back; subsequently, continued drawdowns in ex-China zinc inventory, coupled with a weakening US dollar index, supported LME zinc to open higher with a gap; however, renewed tensions in the Middle East, combined with the possibility of a hawkish US Fed rate hike, put LME zinc under pressure; then, low ex-China inventory continued to provide some support for prices, and LME zinc rose; nevertheless, given the significant uncertainty in the market, investors maintained strong wait-and-see sentiment, and LME zinc maintained a fluctuating trend. As of 15:00 this Friday, LME zinc was recorded at $2,808.5/mt, up $52/mt, a gain of 1.60%.

SHFE zinc: At the beginning of the week, SHFE zinc was closed for the Qingming Festival in China; then, driven by a stronger LME and expectations of tightening ore supply, SHFE zinc moved higher; subsequently, supported by easing tensions in the Middle East, SHFE zinc opened higher with a gap; however, relatively ample domestic zinc ingot supply exerted some resistance on SHFE zinc's rise, and SHFE zinc maintained a fluctuating trend; then, as the Lebanon-Israel conflict escalated and Iran-Israel hostilities resumed, coupled with the possibility of a US Fed rate hike, SHFE zinc was dragged down by macro factors and LME weakness; subsequently, with strong wait-and-see sentiment in the market, SHFE zinc maintained a fluctuating trend; however, the China spot market performed poorly recently, and zinc ingot inventory continued to increase, creating significant resistance for SHFE zinc, and prices pulled back. As of 15:00 this Friday, SHFE zinc was recorded at 23,615 yuan/mt, up 25 yuan/mt, a gain of 0.11%.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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