![](https://static.metal.com/common.metal.com/images/header-en/downward.png)
![](https://static.metal.com/common.metal.com/images/header-en/arrow_right_black.png)
![](https://static.metal.com/common.metal.com/images/header-en/arrow_right_black.png)
![](https://static.metal.com/common.metal.com/images/header-en/arrow_right_black.png)
![](https://static.metal.com/common.metal.com/images/header-en/arrow_right_black.png)
![](https://static.metal.com/common.metal.com/images/header-en/arrow_right_black.png)
![](https://static.metal.com/common.metal.com/images/header-en/downward.png)
US business activity saw the largest increase in two years; Russia seeks compensation from the US for losses to its central bank; SEC approves key documents for a spot Ethereum ETF; Starwood Property Trust tightens investor redemption restrictions; China responds to questions about more punitive exercises around Taiwan; Alibaba plans to issue $4.5 billion in convertible senior notes.
Overnight, LME zinc opened at $3,056.5/mt, initially fell to a low of $3,011/mt, then rebounded, reaching a high of $3,088/mt, and eventually closing down at $3,052.5/mt, down $4.5/mt, or 0.15%. Trading volume decreased to 9,043 lots, and open interest decreased by 5,829 lots to 236,000 lots. LME zinc stocks remained flat at 257,625 mt. The preliminary S&P Global Composite PMI for the US in May exceeded expectations, rising to 54.4. Strong economic data dampened rate cut expectations, slightly weighing on LME zinc.
Overnight, the most-traded SHFE zinc 2407 contract opened at 24,455 yuan/mt. Initially, increased long positions drove SHFE zinc up to a high of 24,710 yuan/mt, then it dipped to a low of 24,450 yuan/mt, eventually closing up at 24,565 yuan/mt, up 90 yuan/mt, or 0.37%. Trading volume decreased to 118,000 lots, and open interest increased by 1,348 lots to 123,000 lots. Recently, TCs in June have entered a concentrated negotiation period, and domestic and imported zinc concentrate TCs may continue to decline. Tight ore supply continues to support zinc prices, with SHFE zinc hovering at high levels.
For queries, please contact Michael Jiang at michaeljiang@smm.cn
For more information on how to access our research reports, please email service.en@smm.cn