【SMM Zinc Morning Meeting Summary: Macro Sentiment Has Not Improved, LME Zinc Continues to Decline】: Overnight, LME zinc opened at $2,638/mt. In the early session, LME zinc rose to a high of $2,658/mt, then quickly pulled back and began to oscillate. During the mid-session, LME zinc rebounded again above the daily average line, but declined again near the end of the session, reaching a low of $2,613/mt during the period. It finally closed down at $2,613/mt, down $13.5/mt, or 0.51%...

[SMM Zinc Morning Comment: Zinc Supply Remains Loose, SHFE Zinc Maintains Fluctuating Trend] Overnight, LME zinc opened at $2,638/mt. In the early session, LME zinc rose to a high of $2,658/mt, then quickly pulled back and began to fluctuate. During the mid-session, LME zinc rebounded again above the daily average line, but declined again near the end of the session, touching a low of $2,613/mt during the period. It finally closed down at $2,613/mt, down $13.5/mt, or 0.51%...

["[Weak Consumption Expectations, SHFE Zinc in the Doldrums]: The most-traded SHFE zinc 2506 contract opened at 22,420 yuan/mt. In the early session, SHFE zinc briefly rose to a high of 22,530 yuan/mt. Subsequently, bears increased their positions, causing SHFE zinc to fluctuate downward throughout the session. The closing price marked the intraday low, with the contract closing down at 22,210 yuan/mt, a decrease of 145 yuan/mt or 0.65%. Trading volume increased to 156,000 lots, while open interest rose by 4,986 lots to 117,000 lots."]

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 7 May, 2025

[Guangdong Zinc: Market Sentiment Leans Towards Wait-and-See, Spot Transactions Weaken] The mainstream transactions of 0# zinc in Guangdong were concluded at 22,795-23,135 yuan/mt. Mainstream brands were quoted at a premium of 515 yuan/mt against the 2506 contract and at a 0 yuan/mt premium against spot cargo in Shanghai. The Shanghai-Guangdong price spread narrowed.....

[Shanghai Zinc: Traders Stand Firm on Quotes, Downstream Demand Purchases Goods]: Today, the mainstream transaction prices of 0# zinc were concentrated in the range of 22,740 to 23,030 yuan/mt. Shuangyan zinc was traded at 22,840 to 23,130 yuan/mt, while 1# zinc was mainly traded at 22,670 to 22,960 yuan/mt. In the morning session, the market offered premiums of 80 to 150 yuan/mt against the average price, with almost no offers against the futures price...

[Tianjin Zinc: Downstream Purchasing Enthusiasm Remains Low, Market Transactions Are Average] In the Tianjin market, mainstream transactions for #0 zinc ingot were concluded at 22,690-23,030 yuan/mt, with Zijin transactions at 22,820-23,130 yuan/mt. Transactions for #1 zinc ingot were around 22,120-22,420 yuan/mt, while Huludao reported prices at 26,130 yuan/mt. The premium for ordinary #0 zinc against the 2506 contract was around 450-500 yuan/mt, and the premium for Zijin against the 2506 contract was 580-600 yuan/mt. Tianjin reported a discount of around 10 yuan/mt against Shanghai, with the price spread between Tianjin and Shanghai narrowing.

[Ningbo Zinc: Price Spread for Nearby Months Widens, Premium Continues to Rise] The transaction price of mainstream brand 0# zinc in the Ningbo market is around 22,820-23,090 yuan/mt. The premium for conventional brands in Ningbo against the 2506 contract is 565 yuan/mt, and the premium against Shanghai spot cargo is 50 yuan/mt. The Ningbo region has started to quote prices against the 2506 contract...