Zinc oxide, as an important inorganic chemical raw material, is widely used in rubber, electronics, pharmaceuticals, coatings, and other fields. In recent years, with the gradual expansion of downstream industry demand, the market size of zinc oxide has continued to grow. However, the industry also faces some common challenges: low-price competition is relatively prominent, and prices lack unified and transparent reference standards, which to some extent poses challenges to the operational decision-making of industry enterprises and the maintenance of market order.

[LME Zinc Inventory Drops to Near Two-Year Low, SHFE Zinc Edges Higher]: The most-traded SHFE zinc 2510 contract opened at 22,210 yuan/mt. In early trading, it dipped to 22,185 yuan/mt, then rose steadily throughout the session. Approaching the close, it touched a high of 22,375 yuan/mt, finally settling at 22,325 yuan/mt, up 130 yuan/mt (0.59%)...

Overnight, LME copper opened and touched a high of $9,916.5/mt before fluctuating downward to close at the day's low of $9,875/mt, down 0.31%, with trading volume at 10,000 lots and open interest at 269,000 lots.

[SMM Zinc Morning Comment] Overnight, SHFE zinc halted its decline and turned in positive territory, with the KDJ indicator expanding upward. Domestic social inventory recorded another increase, indicating insufficient momentum for a rise...

[SMM Morning Meeting Summary: SHFE/LME Price Ratio Declines Further as LME Outperforms SHFE] LME zinc recorded a three-day winning streak overnight, with the center of its daily candlestick moving upward and various moving averages providing support below. Overnight, the US dollar index fell as expectations for US Fed interest rate cuts increased amid concerns over independence, and...

[Persistent Supply Surplus Logic Maintains Fluctuating Trend in SHFE Zinc]: The most-traded SHFE zinc 2510 contract opened at 22,185 yuan/mt. In early trading, it touched a high of 22,235 yuan/mt, then fluctuated rangebound before hitting a low of 22,135 yuan/mt intraday, ultimately closing flat at 22,175 yuan/mt. Trading volume decreased to 69,221 lots, while open interest dropped by 1,297 lots to 116,000 lots...

Affected by the Shanghai Cooperation Organization summit and military parade, environmental protection measures were intensified in northern China, leading to production cuts and shutdowns at steel mills and low-grade zinc oxide plants. This exacerbated the already tight supply of low-grade zinc oxide raw materials, causing prices to surge rapidly. How will low-grade zinc oxide prices trend in the future?

Futures: LME copper opened at $9,899/mt on Friday night, initially touched a low of $9,881/mt, then entered sideways movement with prices gradually moving upward, nearing a high of $9,924.5/mt before closing at $9,906/mt, up 0.68%.

[SMM Morning Meeting Summary: Weak Domestic Fundamentals Capped SHFE Zinc's Upside] Last Friday, SHFE zinc recorded five consecutive declines, with the daily average 10-day line forming resistance above and the Bollinger Bands lower band providing support below. On Friday, SHFE zinc's center edged up slightly due to LME's influence, but...