[Ferrous metals prices continue to be boosted, operating rates of galvanising producers fluctuate upward]: This week, the operating rate of galvanizing producers reached 59.12%, an increase of 0.84 percentage points WoW. In terms of raw material inventory, zinc prices pulled back at the beginning of this week to a level more acceptable to downstream buyers. Some downstream buyers restocked at lower prices, and zinc ingot inventory increased due to the arrival of some long-term contract shipments.

[Low downstream purchasing sentiment, premiums in Tianjin decline]: This week, spot premiums in Tianjin declined slightly, dropping by approximately 30 yuan/mt WoW. As of Friday this week, domestic common brands were quoted at a discount of 0~40 yuan/mt against the 2508 contract, while high-priced brands were quoted at a discount of 10 yuan/mt to a premium of 20 yuan/mt against the 2508 contract. The discount in Tianjin against Shanghai was around 40 yuan/mt, with the price spread between Shanghai and Tianjin narrowing.

Futures market: Overnight, LME copper opened at $9,606.5/mt, initially touched a low of $9,597/mt, then fluctuated upward rangebound, and finally closed at $9,678/mt, up 0.43%, with trading volume at 11,000 lots and open interest at 268,000 lots.

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2509 contract opened higher with a gap at 22,175 yuan/mt. After opening, SHFE zinc dipped to 22,130 yuan/mt. Subsequently, bulls increased their positions, driving SHFE zinc up to a high of 22,370 yuan/mt. Then, a tug-of-war between longs and shorts ensued, with SHFE zinc fluctuating rangebound around 22,350 yuan/mt. It eventually closed higher at 22,345 yuan/mt, up 225 yuan/mt from the previous close, representing a 1.02% increase. Trading volume decreased to 80,014 lots, while open interest increased by 4,323 lots to 109,000 lots...

[SMM Morning Meeting Summary: US "Retail Sales" Data Outperforms, Driving LME Zinc Center Upward] Overnight, LME zinc opened at $2,704.5/mt. Subsequently, LME zinc fluctuated upward along the daily average line. During European trading hours, LME zinc dipped to a low of $2,686.5/mt, then continued to rise above the daily average line, reaching a high of $2,740.5/mt. It finally closed up at $2,737.5/mt, gaining $38/mt, or 1.14%. Trading volume decreased to 60,614 lots, while open interest increased by 103 lots to 187,000 lots...

[Domestic social inventory increased slightly, with SHFE zinc recording a large bullish candlestick] The most-traded SHFE zinc 2508 contract opened at 22,090 yuan/mt. After the opening, longs and shorts engaged in intense competition, with SHFE zinc oscillating above the daily average line. It touched a high of 22,170 yuan/mt during the session and eventually closed up at 22,130 yuan/mt, rising by 85 yuan/mt or 0.39%. Trading volume decreased to 77,513 lots, while open interest fell by 11,088 lots to 67,223 lots...

To ensure consistency between the data and its source and respond to customer feedback, we will uniformly adjust the date display of LME inventory data in our non-ferrous metal database.

[Guangdong Zinc: Futures Market Fluctuates with a Slight Uptrend, Spot Premiums/Discounts Maintain Fluctuating Trend] The mainstream transactions of 0# zinc in Guangdong ranged from 21,990 to 22,130 yuan/mt. The mainstream brands were quoted at a discount of 40 yuan/mt against the 2509 contract and at a discount of 80 yuan/mt against spot aluminum in Shanghai. The Shanghai-Guangdong price spread maintained......

[Shanghai Zinc: Futures Market Maintains Fluctuating Trend, Premiums Decline Slightly]: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,090-22,200 yuan/mt, with Shuangyan zinc trading at 22,170-22,300 yuan/mt, and 1# zinc trading at 22,020-22,130 yuan/mt. In the morning session, the market offered premiums of 10-30 yuan/mt against the SMM average price, and there were hardly any offers against the futures market...

[Ningbo Zinc: Some Traders Dumped Goods at Low Prices, Premium Rebounded] The mainstream brand 0# zinc in the Ningbo market traded at around 22,080-22,170 yuan/mt. The premium of conventional brands in Ningbo was quoted at 20 yuan/mt against the 2508 contract, on par with the spot cargo in Shanghai. Mainstream offers in Ningbo were mainly quoted against the 2508 contract...