SMM Data: As of Thursday, April 24, the total zinc ingot inventory across seven regions monitored by SMM stood at 85,800 mt, down 14,200 mt from April 17 and 7,200 mt from April 21, indicating a decline in domestic inventory. During the week, arrivals in Shanghai and Guangdong were relatively low, leading to significant inventory reductions in these areas. In Tianjin, arrivals increased slightly, but downstream purchasing enthusiasm weakened due to previous low-price restocking, resulting in relatively small overall inventory changes. Overall, inventory in the original three regions decreased by 6,400 mt, while the seven-region inventory decreased by 7,200 mt.

SMM Zinc Morning Meeting Summary: Antamina Mine Suspension, LME Zinc Rebounds from Low Levels. Overnight, LME zinc opened at $2,606/mt. At the beginning of the session, SHFE zinc touched a low of $2,606/mt. After opening, SHFE zinc fluctuated around the daily average line, fluctuating upward during the night session, reaching a high of $2,677.5/mt before LME zinc fell back to near the daily average line, finally closing up at $2,635.5/mt, an increase of $34.5/mt, a gain of 1.33%.

SMM Zinc Morning Comment: Consumption Concerns Persist, SHFE Zinc Lacks Upward Momentum. Overnight, LME zinc opened at $2,606/mt. At the beginning of the session, SHFE zinc dipped to $2,606/mt. After opening, SHFE zinc fluctuated around the daily average line, then fluctuated upward during the night session, reaching a high of $2,677.5/mt before LME zinc fell back to near the daily average line, finally closing up at $2,635.5/mt, an increase of $34.5/mt, a rise of 1.33%...

According to customs data, China's exports of unwrought zinc alloy in March were 224.05 mt, up 47.96% MoM, with a YoY decline of 29.15%. The cumulative exports from January to March were 907.26 mt, up 11.77% YoY. Meanwhile, China's imports of unwrought zinc alloy in March were 3,536.77 mt, down 8.7% MoM, with a YoY decline of 13.01%. The cumulative imports from January to March were 10,991.44 mt, up 1.36% YoY

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 23 Apr, 2025

【Macro Slightly Warms Up, SHFE Zinc Center Moves Upward】: The most-traded SHFE zinc 2506 contract opened at 22,400 yuan/mt. At the beginning of the session, shorts reduced their positions, and SHFE zinc quickly rose above the daily average line, reaching a high of 22,635 yuan/mt. Subsequently, longs reduced their positions, and SHFE zinc dropped back slightly, fluctuating near the daily average line. It finally closed up at 22,460 yuan/mt, gaining 175 yuan/mt, an increase of 0.79%. The trading volume increased to 218,000 lots, while the open interest decreased by 3,102 lots to 127,000 lots. SHFE zinc recorded a bullish candlestick, with the 20/60 daily average lines forming resistance above and the lower Bollinger Band providing support below...