[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.

[SHFE Zinc Maintains High Levels, Awaiting Further Macro Guidance]: The most-traded SHFE zinc 2508 contract opened at 22,325 yuan/mt. After the opening, SHFE zinc began to fluctuate considerably. Near the midday session, SHFE zinc dipped to 22,285 yuan/mt, then fluctuated upward all the way. Near the end of the session, it reached a high of 22,445 yuan/mt, and finally closed up at 22,410 yuan/mt...

As of June 30, the most-traded SHFE zinc contract closed at 22,495 yuan/mt, rising by 270 yuan/mt month-on-month, with a decline of 1.21%. In June, zinc prices first fell and then rose, hitting a low of 21,660 yuan/mt in mid-month before rebounding to a high of 22,570 yuan/mt at the end of the month. As we enter July, how will zinc prices perform?

[Some enterprises still remain shut down, and downstream operating rates continue to decline this week] This week, the operating rate of zinc oxide producers was recorded at 56.14%, down 2.58% MoM. On the raw material side, zinc prices maintained a fluctuating trend this week. Meanwhile, due to the relatively sluggish demand recently, enterprises' enthusiasm for stockpiling raw materials was low, resulting in a slight MoM decline in raw material inventory. On the finished product inventories side, as enterprises' outflows from warehouses slowed down recently, finished product inventories increased MoM...

[Sluggish market transaction atmosphere; premiums and discounts in Guangdong continue to decline] This week, premiums and discounts in Guangdong continued to decline, dropping by approximately 100 yuan/mt WoW. As of Friday this week, the mainstream quotation for 0# zinc in the Guangdong market was at a premium of 10~30 yuan/mt against the market, and the Shanghai-Guangdong price spread remained...

[Some enterprises resumed production during the week, driving an overall increase in operating rates] This week, the operating rate of die-casting zinc alloy producers stood at 49.14%, up 2.6 percentage points WoW. On the raw material side, zinc prices maintained a fluctuating trend this week. With current downstream demand weakening and some enterprises in the market still holding a certain bearish outlook on subsequent zinc prices, procurement was mainly driven by immediate needs, resulting in a WoW decrease in raw material inventories. Finished product inventories of enterprises remained basically flat WoW this week. The increase in the operating rate of die-casting zinc alloy producers this week was mainly due to the resumption of production by some enterprises, driving an overall increase in production...