[Tianjin Zinc: Futures Market Maintains Fluctuating Trend, Trading Weakens] In the Tianjin market, the mainstream transaction price of #0 zinc ingot ranges from 21,990 to 22,210 yuan/mt, with Zijin trading at 22,020 to 22,220 yuan/mt. The transaction price of #1 zinc ingot is around 21,870 to 22,050 yuan/mt, while Huludao is quoted at 25,520 yuan/mt. The premium for ordinary #0 zinc against the 2508 contract is around 0 to 50 yuan/mt, and the premium for Zijin against the 2508 contract is around 30 to 60 yuan/mt. The Tianjin market is quoted at a discount of around 60 yuan/mt compared to the Shanghai market.

[Shanghai Zinc: Premiums Adjust Downward MoM, Spot Transactions Weaken]: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,125 to 22,290 yuan/mt, with Shuangyan zinc trading between 22,175 and 22,340 yuan/mt, and 1# zinc trading between 22,055 and 22,220 yuan/mt. In the morning session, the market offered premiums of 40 to 60 yuan/mt against the SMM average price, with fewer offers against the futures price...

[Ningbo Zinc: Downstream Demand Purchases at Parity, Premiums Continue to Decline] The transaction price of mainstream 0# zinc brands in the Ningbo market was around 22,095–22,230 yuan/mt. Conventional brands in Ningbo quoted a premium of 75 yuan/mt against the 2508 contract, at parity with Shanghai spot cargo. Mainstream offers in the Ningbo region were quoted against the 2508 contract...

[SMM Morning Comment on Zinc: Bears Take Profits and Exit, SHFE Zinc's Center Moves Higher] Overnight, the most-traded SHFE zinc 2508 contract opened at 22,175 yuan/mt, hitting the intraday high immediately after opening. It then quickly dropped to a low below 22,020 yuan/mt. Subsequently, bears reduced their positions, and SHFE zinc fluctuated upward, eventually closing up at 22,160 yuan/mt, up 110 yuan/mt or 0.5%. Trading volume fell to 65,173 lots, while open interest decreased by 328 lots to 119,000 lots.

[SMM Zinc Morning Meeting Summary: LME Inventory Continues to Destock, LME Zinc Center Moves Upward]: Overnight, LME zinc opened at $2,688/mt. In the early session, LME zinc briefly dipped to a low of $2,675.5/mt. Subsequently, bears reduced their positions, and LME zinc fluctuated upward throughout the session, reaching a high of $2,740/mt near the close. It ultimately closed up at $2,719/mt, gaining $36/mt, or 1.34%. Trading volume increased to 11,750 lots, while open interest decreased by 2,843 lots to 200,000 lots.

[Tariff Impact Increases, SHFE Zinc Center Moves Downward]: The most-traded SHFE zinc 2508 contract opened at 22,070 yuan/mt. Early in the session, bulls reduced their positions, causing SHFE zinc to decline rapidly to a low of 21,865 yuan/mt. Subsequently, the center moved upward, and the contract closed lower at 22,050 yuan/mt, down 40 yuan/mt or 0.18%. Trading volume fell to 159,000 lots, and open interest decreased by 7,658 lots to 119,000 lots.

[Guangdong Zinc: Futures Market Center Continues to Decline, Market Transactions Improve Slightly] The mainstream transactions of 0# zinc in Guangdong ranged from 21,865 yuan/mt to 22,075 yuan/mt. Mainstream brands were quoted at a premium of 20 yuan/mt against the 2508 contract, and at a spot discount of 70 yuan/mt against Shanghai spot cargo. The Shanghai-Guangdong price spread remained...

[Shanghai Zinc: Futures Market Declines Significantly, Premiums Struggle to Rise]: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,025-22,255 yuan/mt, with Shuangyan zinc trading at 22,045-22,275 yuan/mt, and 1# zinc trading at 21,955-22,185 yuan/mt. In the morning session, the market offered premiums of 50-70 yuan/mt against the SMM average price, with fewer quotes against the futures market...

[Ningbo Zinc: Ample Supply in Market, Premiums Remain Stable] The transaction price of mainstream 0# zinc brands in the Ningbo market ranged around 21,965-22,165 yuan/mt. Conventional brands in Ningbo were quoted at a premium of 90 yuan/mt against the 2508 contract, at parity with Shanghai spot cargo. Mainstream offers in the Ningbo region were mainly quoted against the 2508 contract...

[Tianjin Zinc: Futures Market Continues to Pull Back, Trading Volume Improves Slightly] In the Tianjin market, mainstream transactions for #0 zinc ingot were conducted at 21,890-22,110 yuan/mt, with Zijin transactions at 21,920-22,130 yuan/mt. Transactions for #1 zinc ingot were around 21,740-21,960 yuan/mt, with Huludao reporting at 25,400 yuan/mt. The ordinary #0 zinc ingot was quoted at a premium of 20-40 yuan/mt against the 2508 contract, while Zijin was quoted at a premium of around 60 yuan/mt against the 2508 contract. Tianjin was quoted at a discount of around 60 yuan/mt compared to Shanghai.