SMM Zinc Ingot Inventory Down 400mt from May 25, Up 3,700mt from May 28 Across Seven Regions

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2607 contract opened lower with a gap at 24,880 yuan/mt. At the beginning of the session, SHFE zinc briefly touched a high of 24,885 yuan/mt before bulls reduced their open interest, sending prices rapidly lower. Near the end of the session, it dipped to a low of 24,630 yuan/mt, ultimately closing down at 24,665 yuan/mt, a decline of 300 yuan/mt or 1.20%. Trading volume fell to 67,517 lots, and open interest decreased slightly by 128 lots to 109,000 lots.

[SMM Morning Meeting Minutes: Inventories Outside China Increase, LME Zinc Posts a Small Bearish Candlestick] Overnight, LME zinc opened at $3,556.5/mt. Early in the session, LME zinc fluctuated upward to a high of $3,585/mt. As European trading hours began, bears increased their open interest and prices pulled back continuously from the highs. Near the end of the session, it dipped to a low of $3,531.5/mt, ultimately closing lower at $3,543.5/mt, down $15.25/mt, a decline of 0.43%. Trading volume increased to 108,000 lots, and open interest increased by 2,300 lots to 230,000 lots.

Zinc calcine processing fees edged down in May—how will they trend in June?