[Guangdong Zinc: Downstream Just-in-Time Procurement, Spot Premiums/Discounts Continue to Decline] The mainstream transactions of 0# zinc in Guangdong ranged from 21,785 to 21,995 yuan/mt. Mainstream brands were quoted at a premium of 195 yuan/mt against the 2508 contract, and at a discount of 100 yuan/mt against spot cargo in Shanghai. The Shanghai-Guangdong price spread widened...

[Ningbo Zinc: Premiums Continue to Decline, Transaction Performance Moderate] The transaction price of mainstream brand 0# zinc in the Ningbo market was around 21,960-22,125 yuan/mt. The mainstream brands in Ningbo offered a premium of 130 yuan/mt against the 2507 contract and a premium of 30 yuan/mt against Shanghai spot cargo. Mainstream brands in the Ningbo region quoted prices against the 2507 contract...

[Shanghai Zinc: Limited Market Supply at the End of Long-term Contract Period, Traders Refuse to Budge on Prices]: Today, mainstream transaction prices for 0# zinc were concentrated in the range of 21,960-22,125 yuan/mt, with Shuangyan zinc trading at 22,160-22,325 yuan/mt, and mainstream transaction prices for 1# zinc at 21,890-22,055 yuan/mt. In the morning session, the market offered premiums of 0-10 yuan/mt against the average price, with no quotes against the spot price...

On Friday evening, LME copper opened at $9,628.5/mt, surging to a high of $9,700/mt in the early session, then fluctuating downward, hitting a low of $9,621.5/mt during the session, and experiencing a slight correction towards the end, ultimately closing at $9,660.5/mt, up 0.43%.

[SMM Zinc Morning Comment] Last Friday, LME zinc opened at $2,646.5/mt. In the early session, LME zinc briefly rose to a high of $2,654.5/mt, but then lacked upward momentum and declined all the way, hitting a low of $2,622.5/mt during European trading hours. Subsequently, as bulls increased their positions, LME zinc fluctuated upward, eventually closing up at $2,649.5/mt, up $2.5/mt or 0.09%. Trading volume increased to 6,815 lots, while open interest rose by 1,564 lots to 208,000 lots.

[SMM Morning Meeting Summary: Macro Uncertainties Persist, LME Zinc Expected to Maintain Fluctuating Trend] Last Friday, LME zinc opened at $2,646.5/mt. In the early session, LME zinc briefly rose to a high of $2,654.5/mt, but then lacked upward momentum and declined all the way, hitting a low of $2,622.5/mt during European trading hours. Subsequently, with bulls increasing their positions, LME zinc fluctuated upward, eventually closing up at $2,649.5/mt, a gain of $2.5/mt or 0.09%. Trading volume increased to 6,815 lots, and open interest rose by 1,564 lots to 208,000 lots...

[Guangdong region underwent contract rollover this week. How will the premiums and discounts in Guangdong evolve amid the tug-of-war between increased supply and off-season demand?] This week, the contract in Guangdong shifted from the 2507 contract to the 2508 contract. Under the backwardation structure, spot premiums/discounts rose from 210 yuan/mt on June 16 to 400 yuan/mt on June 17, followed by a continuous decline in premiums and discounts in Guangdong. So, how will the spot premiums and discounts in Guangdong develop next under the current fundamental conditions......

The SMM Imported Zinc Concentrate Index for this week is $55.27/dmt, with a 4.28% WoW increase. The SMM Imported Lead Concentrate average spot TC for this week is $-55/dmt, with a drop of $10/dmt .

[Import Window Closed in June, Limited Growth Expected in Refined Zinc Imports] According to the latest customs data, imports of refined zinc in May 2025 were 26,700 mt, down 1,500 mt or 5.36% MoM, and down 39.85% YoY. From January to May, cumulative imports of refined zinc were 155,900 mt, down 16.66% YoY. In May, exports of refined zinc were 1,400 mt, resulting in net imports of refined zinc of 25,300 mt.

[Equipment Maintenance at Enterprises During the Week Led to a Decline in Operating Rate of Die-Casting Zinc Alloy] This week, the operating rate of die-casting zinc alloy was recorded at 55.12%, down 4.72 percentage points WoW. On the raw material side, zinc prices maintained a fluctuating trend this week. Although some end-users picked up goods during the week, most enterprises adopted a just-in-time procurement strategy, purchasing based on sales, leading to a slight MoM decline in raw material inventory. On the finished product inventories side, affected by the weakening end-use demand, the finished product inventories of die-casting zinc alloy increased MoM this week...