SMM Zinc Morning Meeting Summary: Expectations for US Fed Interest Rate Cut Heat Up, LME Zinc Center Rises: Overnight, LME zinc opened at $2,639/mt. After opening, it fluctuated rangebound around the daily average line, touching a low of $2,639/mt, then began to fluctuate upward, reaching a high of $2,709.5/mt near the end of the session, and finally closed up at $2,705/mt, an increase of $69.5/mt, a rise of 2.64%.

SMM Zinc Morning Comment: Zinc Ingot Social Inventory Continues to Decline, SHFE Zinc Rises in Night Session. Overnight, LME zinc opened at $2,639/mt. After opening, LME zinc fluctuated rangebound around the daily average line, touching a low of $2,639/mt, then began to fluctuate upward, reaching a high of $2,709.5/mt near the end of the session, and finally closed up at $2,705/mt, an increase of $69.5/mt, a rise of 2.64%...

Social Inventory Continued to Decline, SHFE Zinc Recorded a Bullish Candlestick: The most-traded SHFE zinc 2506 contract opened at 22,530 yuan/mt. After the opening, bulls and bears engaged in a fierce battle, with SHFE zinc fluctuating around the daily average line. At the end of the session, shorts reduced their positions, and SHFE zinc rose slightly, closing at 22,590 yuan/mt, up 130 yuan/mt, a gain of 0.58%. The trading volume decreased to 180,000 lots, and the open interest dropped by 2,167 lots to 125,000 lots. SHFE zinc recorded a bullish candlestick, with the 20/60 daily average lines forming resistance above and the 5/10 daily average lines providing support below.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 24 Apr, 2025

【Arrivals in Some Regions Were Limited, Social Inventory Continued to Decline】According to SMM communication, as of this Thursday (April 24), the total zinc ingot inventory in seven regions monitored by SMM was 85,800 mt, a decrease of 14,200 mt compared to April 17 and a decrease of 7,200 mt compared to April 21. Domestic inventory recorded a decline...