[SMM Zinc Morning Comment: SHFE Zinc Falls Driven by LME] Overnight, the most-traded SHFE zinc 2508 contract opened at 22,070 yuan/mt. Early in the session, bulls continued to reduce their positions. During the period when SHFE zinc fluctuated downward, it hit a low of 22,010 yuan/mt, eventually closing down at 22,030 yuan/mt, a drop of 60 yuan/mt or 0.27%. Trading volume fell to 58,548 lots, while open interest decreased by 218 lots to 126,000 lots.

[SMM Zinc Morning Meeting Summary: Tariff Issues Resurface, LME Zinc Continues to Decline]: Overnight, LME zinc opened at $2,733.5/mt. In the early session, LME zinc briefly rose to a high of $2,734.5/mt. Subsequently, bulls reduced their positions, causing LME zinc to fluctuate downward throughout the session, reaching a low of $2,682/mt at the close. It eventually closed at $2,683/mt, down by $52.5/mt or 1.92%. Trading volume increased to 9,067 lots, while open interest decreased by 3,154 lots to 203,000 lots.

[Domestic inventory continues to increase, SHFE zinc center shifts downward]: The most-traded SHFE zinc 2508 contract opened at 22,250 yuan/mt. In the early trading session, bulls increased their positions, causing SHFE zinc to fluctuate downward. It reached a low of 22,040 yuan/mt near the end of the session and eventually closed lower at 22,090 yuan/mt, down 320 yuan/mt or 1.43%. Trading volume increased to 16.1 lots, while open interest decreased by 1,468 lots to 127,000 lots.

[Guangdong Zinc: Futures Market Center Declines, but Market Transactions Remain Mediocre] The mainstream transactions of 0# zinc in Guangdong ranged from 22,090 to 22,290 yuan/mt. The mainstream brands were quoted at a premium of 20 yuan/mt against the 2508 contract, and at a discount of 70 yuan/mt against Shanghai spot cargo. The Shanghai-Guangdong price spread widened......

[Tianjin Zinc: Futures Market Pulls Back Slightly, Trading Volume Improves Slightly] In the Tianjin market, the mainstream transaction price of #0 zinc ingot ranged from 22,110 to 22,290 yuan/mt, with Zijin trading at 22,150 to 22,310 yuan/mt. The transaction price of #1 zinc ingot was around 22,010 to 22,170 yuan/mt, while Huludao reported a price of 25,630 yuan/mt. The premium for ordinary #0 zinc against the 2507 contract was around 0 to 20 yuan/mt, and the premium for Zijin against the 2507 contract was around 20 to 30 yuan/mt. The Tianjin market was trading at a discount of around 70 yuan/mt compared to the Shanghai market.

[Shanghai Zinc: Downstream Buyers Purchase at Lower Prices, Improving Transaction Volume]: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,220 to 22,420 yuan/mt, with Shuangyan zinc trading at 22,260 to 22,450 yuan/mt, and 1# zinc trading mainly in the range of 22,150 to 22,350 yuan/mt. In the morning session, the market offered a premium of 50 to 80 yuan/mt against the SMM average price, with fewer offers against the futures price...

[Ningbo Zinc: Traders actively offering quotes, with relatively small changes in premium] The transaction price of mainstream brand 0# zinc in the Ningbo market was around 22,180-22,340 yuan/mt. The quotes for mainstream brands in Ningbo against the 2508 contract were at a premium of 90 yuan/mt, and were on par with Shanghai spot cargo. Mainstream traders in Ningbo were offering quotes against the 2508 contract...

[SMM Morning Comment on Zinc: Social Inventory of Zinc Ingot Continues to Increase, SHFE Zinc Falls Slightly] Last Friday, the most-traded SHFE zinc 2508 contract opened lower at 22,340 yuan/mt, with bulls continuing to reduce their positions in the early session. SHFE zinc fell all the way to a low of 22,225 yuan/mt, eventually closing up at 22,240 yuan/mt, down 170 yuan/mt or 0.76%. Trading volume decreased to 57,395 lots, and open interest fell by 1,726 lots to 126,000 lots.

[SMM Zinc Morning Meeting Summary: Market Concerns Arise as Tariff Deadline Approaches, LME Zinc Prices Fall]: Last Friday, LME zinc opened at $2,739.5/mt. With mixed bullish and bearish sentiments in the early session, LME zinc fluctuated upward, reaching a high of $2,757/mt during European trading hours. Subsequently, as bulls reduced their positions, LME zinc prices fluctuated downward throughout the day, hitting a low of $2,722.5/mt during the night session. It eventually closed at $2,735.5/mt, down by $2.5/mt or 0.09%. Trading volume decreased to 4,385 lots, while open interest fell by 883 lots to 206,000 lots.

The SMM Imported Zinc Concentrate Index for this week is $66.25/dmt, with a 1.53% WoW increase. The SMM Imported Lead Concentrate average spot TC for this week is $-55/dmt, flat from the previous week's figure.