The trade landscape improved, coupled with ore supply disturbances, leading to a steady upward shift in the price center of both SHFE and LME. [SMM Market Review - Weekly Price Commentary]

LME zinc: At the beginning of the week, LME zinc was closed for one day due to Easter. Subsequently, influenced by macro uncertainties, LME zinc dropped slightly. Later, as Trump continued to criticize Powell, market confidence was somewhat shaken. However, Trump later stated that he had no intention of firing Powell, easing market tension. Additionally, the White House signaled a relaxation in trade tensions, improving macro market sentiment. Meanwhile, overseas mine activities resumed, driving LME zinc upward. Following this, the preliminary April S&P Global Manufacturing PMI in the US was higher than the previous value and expectations. According to the Fed's Beige Book, as economic uncertainties intensified, especially regarding tariffs, the outlook in several regions "significantly deteriorated." The report mentioned tariffs 107 times and the word "uncertain" 89 times. Under these circumstances, LME zinc dropped slightly. Subsequently, LME zinc maintained a fluctuating trend. As of 15:00 on Thursday, LME zinc recorded $2,659.5/mt, up $64.5/mt, a 2.94% increase.

SHFE zinc: At the beginning of the week, SHFE zinc continued the fluctuating trend from the previous week. Later, according to SMM data, as of April 21, domestic social inventory recorded 93,000 mt, a decrease in inventory, supporting a slight upward movement in SHFE zinc. Subsequently, influenced by macro uncertainties, SHFE zinc pulled back slightly. Although some smelters underwent maintenance, the intermittent opening of the April import window might supplement domestic supply. The expectation of a loose domestic supply remained, but downstream consumption showed no significant highlights recently, so SHFE zinc maintained a fluctuating trend. Later, the White House signaled a relaxation in trade tensions, and the sudden shutdown of the Antamina copper-zinc mine due to an accident added unknown pressure to the supply side, driving SHFE zinc upward. Subsequently, SHFE zinc also maintained a fluctuating trend under the influence of the LME. According to SMM data, domestic social inventory continued to decrease, and SHFE zinc moved slightly upward. As of 15:00 on Thursday, SHFE zinc recorded 22,590 yuan/mt, up 540 yuan/mt, a 2.45% increase.

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