[SHFE ZINC RECORDS FIVE CONSECUTIVE DAYS OF DECLINE FLUCTUATES CONSIDERABLY AMID TUG-OF-WAR BETWEEN LONGS AND SHORTS] The most-traded SHFE zinc 2510 contract opened at 22,055 yuan/mt. After the opening, it reached a high of 22,115 yuan/mt. Subsequently, a fierce tug-of-war between longs and shorts ensued, with the center of SHFE zinc fluctuating considerably around the daily average. Near the end of the session, it hit a low of 22,025 yuan/mt, finally closing at 22,045 yuan/mt, up 10 yuan/mt or 0.05%. Trading volume decreased to 77,398 lots, while open interest fell by 9,913 lots to 61,844 lots.

[Losses on Imported Zinc Ore Exceeded 2,000 yuan/mt, Import TCs Continued to Rise]: On a weekly basis, the average SMM Zn50 domestic weekly TC remained flat MoM at 3,850 yuan/mt in metal content, while the SMM imported zinc concentrate index rose by $12.5/dmt WoW to $111.25/dmt....

[Ample Market Supply, Spot Quotes Basically Stable]: Ningbo spot discounts narrowed slightly this week, up 5 yuan/mt WoW. As of Friday, Ningbo spot prices against the 2510 contract were at a discount of 35 yuan/mt, and at a premium of 30 yuan/mt against Shanghai premiums, maintaining a fluctuating trend within the week...

[Downstream Orders Show No Improvement, Spot Offers Remain Uninspiring]: Shanghai spot offers fluctuated this week, with the weekly average price up 5 yuan/mt WoW. As of Friday, standard domestic brands were at a discount of 30 yuan/mt against the 2510 contract, while premium brand Shuangyan traded at a premium of 110-130 yuan/mt against the 2510 contract.

[SHFE/LME price ratio pulled back to around 7.5 and fluctuated, zinc ingot import window remained closed]: This week, the SHFE/LME price ratio pulled back to around 7.5 and fluctuated, while the zinc ingot import window remained closed. Overseas, on the macro front, the US Fed meeting cut interest rates by 25 basis points as expected, but the monetary policy stance was less dovish than anticipated, putting short-term pressure on nonferrous and precious metal prices. However, low LME zinc inventory continued to support LME zinc, which traded with fluctuations after declining.

[US Fed Cuts Interest Rate as Expected, SHFE and LME Zinc Prices Fall] At the beginning of the week, LME zinc continued its upward trend from the previous week. Subsequently, LME zinc inventory continued to decrease, coupled with the US September New York Fed Manufacturing Index falling below expectations, which heightened market risk aversion sentiment and supported a rise in LME zinc...

[Enterprise trade volume increased, operating rates of die-casting zinc alloy producers declined this week] This week, the operating rate of die-casting zinc alloy producers was recorded at 53.78%, down 0.21 percentage points WoW. Raw material side, zinc price center moved lower this week, die-casting zinc alloy enterprises mostly made small purchases at fixed prices, and enterprise raw material inventory increased......

[Downstream demand showed some improvement, zinc oxide enterprise operating rates rose] This week, the operating rate of zinc oxide reached 58.11%, up 0.89 percentage points WoW. Raw material side, zinc prices center moved down this week, some zinc oxide enterprises conducted small-scale stockpiling, driving raw material inventory up WoW.

[Zinc Price Center Pulled Back, Spot Premiums/Discounts Rose Slightly] WoW, Guangdong premiums/discounts rose by about 5 yuan/mt this week. As of Friday, mainstream 0# zinc quotations in Guangdong were at discounts of 105~50 yuan/mt against the market, while the Shanghai-Guangdong price spread remained...

[Shipments improved early in the week, operating rates of galvanising producers rose]: This week, the operating rate of galvanizing recorded 58.05%, up 1.99 percentage points WoW. On the raw material inventory side, zinc prices pulled back, leading to more downstream point pricing at lows, but cargo pick-up was limited, resulting in a slight increase in zinc ingot inventory.