LME zinc: At the beginning of the week, LME zinc was closed due to a bank holiday; subsequently, a decline in ex-China zinc inventory supported zinc prices to move higher; however, renewed tensions in the Middle East cooled market optimism, the US dollar index rose, and LME zinc edged down; then, continued declines in LME zinc inventory supported a brief upward recovery in LME zinc; nevertheless, disruptions from the US-Iran situation continued to weigh on market sentiment, inflation concerns intensified, and LME zinc fell again; afterward, as US April PCE data came in line with expectations, coupled with ongoing Middle East negotiations, the market maintained certain expectations for further easing, the US dollar index declined, and LME zinc fluctuated higher; LME zinc then pulled back slightly. As of 15:00 this Friday, LME zinc was recorded at $3,564/mt, up $19.5/mt, a gain of 0.55%.
SHFE zinc: At the beginning of the week, as ore TCs had been declining continuously in recent periods, smelter comprehensive profits decreased, and there was a possibility of smelter production cuts in June, SHFE zinc moved higher; subsequently, the China spot market showed mediocre performance and end-use consumption weakened, SHFE zinc edged down; then, driven by LME, SHFE zinc recovered its losses and continued to push higher; however, as China's end-use consumption exhibited pronounced off-season characteristics with mediocre performance across all sectors, SHFE zinc declined; subsequently, China's refined zinc production was expected to decrease further, coupled with declining TCs, the zinc supply side provided strong support, and zinc prices moved higher. As of 15:00 this Friday, SHFE zinc was recorded at 24,965 yuan/mt, up 100 yuan/mt, a gain of 0.40%.
