[SMM Zinc Morning Comment] Last Friday, the most-traded SHFE zinc 2510 contract opened at 22,250 yuan/mt. After opening, bears reduced positions, pushing the contract to a high of 22,350 yuan/mt. Subsequently, bears increased positions, driving the contract below the daily average line to a low of 22,150 yuan/mt...

[SMM Morning Meeting Summary: Non-Farm Payrolls Data Disappoints as LME Zinc Records a Bullish Candlestick] Last Friday, LME zinc opened at $2,841.5/mt. In early trading, it dipped to a low of $2,836.5/mt before steadily rising above the daily average line to touch a high of $2,885/mt. During the night session, it pulled back below the daily average line, ultimately closing up at $2,857.5/mt, an increase of $19.5/mt (0.69%). Trading volume decreased to 87,907 lots, while open interest rose by 1,037 lots to 199,000.

The SMM Imported Zinc Concentrate Index for this week is $96.25/dmt, with a 2.67% WoW increase. The SMM Imported Lead Concentrate average spot TC for this week is $-90/dmt, unchanged WoW.

[SHFE Zinc Maintains Fluctuating Trend, Focus on Subsequent Downstream Consumption Performance]: The most-traded SHFE zinc 2510 contract opened at 22,075 yuan/mt. At the beginning of the session, it dipped to 22,065 yuan/mt, then fluctuated upward throughout the session. After touching a high of 22,220 yuan/mt towards the close, it pulled back slightly and finally settled at 22,155 yuan/mt, up 85 yuan/mt (0.39%).

[Smelters mainly purchased domestic zinc ore, focusing on subsequent TC results across regions]: Domestic zinc concentrate TCs edged down this week. The weekly average SMM Zn50 domestic TC fell 50 yuan/mt in metal content MoM to 3,850 yuan/mt in metal content, while the SMM imported zinc concentrate index rose $2.5/dmt WoW to $96.25/dmt...

[Limited Spot Supply and Narrowing Spot Discounts]: Spot discounts in Ningbo continued to narrow this week, up 25 yuan/mt WoW. As of Friday, spot prices against the 2510 contract stood at a discount of 25 yuan/mt in Ningbo, while the premium against Shanghai prices widened to 40 yuan/mt, with the Shanghai premium expanding persistently throughout the week...

[Downstream Purchases at Low Prices, Premiums Slightly Adjusted]: Spot prices in Shanghai edged up this week, with the weekly average price rising by around 5 yuan/mt WoW. As of Friday, standard domestic brands were at a discount of 20-10 yuan/mt against the 2510 contract, while the premium brand Shuangyan traded at a premium of 140 yuan/mt against the 2510 contract...

[Weak Consumption and Difficult Cargo Pick-up Led to Continued Inventory Increase This Week] According to SMM surveys, as of Thursday (September 4), the total zinc ingot inventory across seven major regions monitored by SMM reached 148,900 mt, up 4,500 mt from August 28 and 2,600 mt from September 1, indicating a domestic inventory rise...

[Market spot supply remained ample, Guangdong premiums and discounts continued under pressure] This week, Guangdong premiums and discounts fell by around 10 yuan/mt WoW. As of Friday, mainstream 0# zinc quotations in Guangdong were at discounts of 105~45 yuan/mt against the market, with the Shanghai-Guangdong price spread widening. Trading activity in the Guangdong spot market was generally subdued this week, as price fluctuations dominated the procurement pace...

[Zinc prices maintained fluctuating trend during the week, die-casting zinc alloy operating rates edged up] This week, the operating rate of die-casting zinc alloy recorded 51%, up 0.22 percentage points WoW. Raw material side, zinc price center continued to rise in the first half of the week, alloy enterprises showed slower shipment pace and lower procurement enthusiasm for raw materials...