[Guangdong Zinc: High spot premiums in the market, with relatively average spot transactions] The mainstream transactions of 0# zinc in Guangdong ranged from 22,765 to 22,990 yuan/mt. Mainstream brands were quoted at a premium of 460 yuan/mt against the 2507 contract, and at a premium of 20 yuan/mt against spot cargo in Shanghai. The Shanghai-Guangdong price spread narrowed...

[Tianjin Zinc: Futures Market Volatile, Weak Downstream Purchase Willingness] In the Tianjin market, mainstream transactions for #0 zinc ingot were concluded at 22,720-22,930 yuan/mt, with Zijin transactions at 22,810-22,990 yuan/mt. Transactions for #1 zinc ingot were concluded around 22,450-22,620 yuan/mt, while Huludao reported prices at 26,190 yuan/mt. Regular #0 zinc ingot was quoted at a premium of 200-220 yuan/mt against the 2506 contract, with Zijin quoted at a premium of 240-260 yuan/mt against the 2506 contract. Tianjin prices were quoted at a premium of approximately 10 yuan/mt compared to Shanghai prices.

[Shanghai Zinc: Downstream Demand Remains Steady, Purchase Willingness is Low]: Today, the mainstream transaction prices of 0# zinc were concentrated in the range of 22,840-23,000 yuan/mt. Shuangyan zinc was traded at 22,950-23,110 yuan/mt, and 1# zinc was mainly traded at 22,770-22,930 yuan/mt. In the morning market, cargoes with invoices dated next month were quoted at a premium of 70-80 yuan/mt against the average price, with no quotes against the spot price...

[Ningbo Zinc: Continuous Inflow of Imports, Premium Declines Slightly] The transaction price of mainstream brand 0# zinc in the Ningbo market was around 22,820-22,980 yuan/mt. The premium for mainstream brands in Ningbo against the 2506 contract was 250 yuan/mt, and the premium against Shanghai spot cargo was 80 yuan/mt. Mainstream players in the Ningbo region quoted prices against the 2506 contract...

To better serve our customers and enhance the efficiency of the SMM database, we will optimize and adjust the existing classification of the non-ferrous database in June 2025. This adjustment will not involve any changes to the data.

Overnight, LME copper opened at $9,636.5/mt. It initially rose to a high of $9,645.0/mt, then fluctuated downward.

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2507 contract opened at 22,340 yuan/mt. In early trading, SHFE zinc rapidly climbed to a high of 22,485 yuan/mt. With mixed long and short positions, the price center of SHFE zinc pulled back below the daily average line, dipping to a low of 22,225 yuan/mt at the end of the session. It eventually closed higher at 22,235 yuan/mt, up 25 yuan/mt or 0.11%. Trading volume fell to 65,429 lots, while open interest decreased by 1,350 lots to 122,000 lots.

[SMM Morning Meeting Summary: Market Concerns Over US Economy Ease, LME Zinc Price Center Moves Down] Overnight, LME zinc opened at $2,712/mt, hitting the intraday high right at the opening. Subsequently, as bulls reduced their positions, LME zinc fluctuated downward, dipping to a low of $2,673/mt during European trading hours. Later, with insufficient downward momentum, the LME zinc price center rebounded to oscillate near the daily average line. It eventually closed down at $2,689/mt, down $20/mt or 0.74%. Trading volume decreased to 8,227 lots, while open interest fell by 1,301 lots to 208,000 lots.

SMM Analysis：As of May 28, the most-traded SHFE zinc contract closed at 22,210 yuan/mt, down 230 yuan/mt (1.02%) for the month. In May, zinc prices remained in the doldrums, hitting a low of 22,070 yuan/mt at the beginning of the month before rebounding to a high of 22,915 yuan/mt mid-month. Overall, the price center declined noticeably compared to April. Entering June, as smelting capacity gradually ramps up, how will zinc prices perform.....