Macroeconomic sentiment weakens, SHFE zinc moves at lows [SMM zinc morning comment]

Overnight, the US manufacturing PMI expanded for the first time since September 2022, and expectations for the Fed's June rate cut were further cut; sources: The Biden administration is considering approving $18 billion worth of arms sales to Israel; Israel launched an airstrike on the Iranian Embassy and Consulate in Syria; Mexico plans to cut oil exports; OpenAI: Allow users to use ChatGPT without registration; China's Caixin Manufacturing PMI in March has been in the expansion range for five consecutive months; No. 92 gasoline will return to the 8 yuan era; Follow-up to the "R&F Mall Gold Shop Running Away": China Gold has decided to advance payment to relevant consumers.
Overnight, the LME zinc market was closed for Easter.
The most active SHFE 2405 zinc opened at 21045 yuan/mt and fell 20 yuan/mt or 0.1% to close at 21025 yuan/mt trading with the high-end of to 21165 yuan/mt and the low-end of 21015 yuan/mt. Trading volumes decreased to 35835 lots and open interest decreased 1345 lots to 90796 lots. The Fed's interest rate cut expectations were reduced again, macro sentiment weakened, and the recovery of downstream consumer demand is still slow. SHFE zinc is expected to be weak.