[Ningbo Zinc: Continuous Replenishment of Imported Zinc Ingots Leads to Slight Decline in Spot Premiums] The transaction prices for mainstream 0# zinc brands in the Ningbo market ranged from approximately 22,660 to 22,725 yuan/mt. The mainstream brands in Ningbo offered a premium of 260 yuan/mt against the 2506 contract and a premium of 30 yuan/mt against spot cargo in Shanghai. Mainstream quotes in the Ningbo region were against the 2506 contract...

Overnight, LME copper opened at $9,500.5/mt. After fluctuating higher in early trading, it pulled back and touched a low of $9,495/mt.

[SMM Zinc Morning Comment] Overnight, LME zinc opened at $2,689.5/mt. After opening, LME zinc fluctuated considerably along the daily average line, reaching a high of $2,706.5/mt during the session. Entering the night session, the center of LME zinc moved downward, operating below the daily average line. It touched a low of $2,670.5/mt at the end of the session, closing down at $2,672.5/mt, down $13.5/mt or 0.50%. Trading volume decreased to 84,672 lots, while open interest fell by 4,336 lots to 224,000 lots...

[SMM Morning Meeting Summary: US Credit Rating Downgrade Disturbs Market Sentiment, LME Zinc Posts Three Consecutive Negative Sessions Overnight] Overnight, LME zinc opened at $2,689.5/mt. After opening, LME zinc fluctuated considerably along the daily average line, reaching a high of $2,706.5/mt during the session. Entering the night session, the center of LME zinc moved downward, operating below the daily average line. It touched a low of $2,670.5/mt at the end of the session, closing down at $2,672.5/mt, a decline of $13.5/mt or 0.50%. Trading volume decreased to 84,672 lots, while open interest fell by 4,336 lots to 224,000 lots.

On May 12, China and the US issued the "Joint Statement on the China-US Geneva Economic and Trade Talks," easing trade tensions. Amidst the ever-changing macro landscape, how has the downstream consumption of die-casting zinc alloy in China performed recently? First, from the perspective of zinc prices and the operating rate of die-casting zinc alloy, domestic zinc prices in April were influenced by macro fluctuations, continuously declining to a new low in 2025, falling below 22,000 yuan/mt. The low prices prompted most end-users to buy the dip, coupled with some end-users in the market taking limited "rush exports" actions, thus driving an improvement in orders for die-casting zinc alloy enterprises in April. The following analysis will be conducted from the perspectives of the real estate sector, auto parts sector, exports, and other sectors...

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 19 May, 2025

[Social Inventory of Zinc Ingots Declines, Zinc Prices Maintain Fluctuating Trend]: The most-traded SHFE zinc 2506 contract opened at 22,465 yuan/mt. After the opening, SHFE zinc fluctuated around the daily average line, hitting a low of 22,380 yuan/mt during the morning session. It then rebounded from the low and reached a high of 22,525 yuan/mt in the early afternoon session. Subsequently, SHFE zinc weakened again and finally closed up at 22,455 yuan/mt...

[Guangdong Zinc: Insufficient Downstream Procurement Enthusiasm, Spot Premiums Decline] The mainstream transactions of 0# zinc in Guangdong were concluded at 22,640-22,795 yuan/mt. Mainstream brands were quoted at a premium of 280 yuan/mt against the 2507 contract, and at a discount of 140 yuan/mt against spot cargo in Shanghai. The Shanghai-Guangdong price spread widened....

[Shanghai Zinc: Futures Market Weakens Slightly, Downstream Restocks at Lower Prices]: Today, the mainstream transaction prices of 0# zinc were concentrated in the range of 22,650-22,785 yuan/mt, with Shuangyan zinc trading at 22,940-23,075 yuan/mt, and 1# zinc trading mainly at 22,580-22,715 yuan/mt. In the morning session, the market offered a premium of 40-60 yuan/mt against the average price, with no quotes against the futures market...