Consumption fell short of expectations, SHFE zinc moved at lows [SMM zinc morning comment]

Last Friday, Federal Reserve Chairman Powell: There is no need to rush to cut interest rates, and the possibility of economic recession is not high at present; Russian Deputy Prime Minister: Russia has decided to further reduce oil production in the second quarter; US media: The United States may ban Venezuela from trading oil Settled in US dollars; Japan's Ministry of Finance: Japan's currency intervention amount was 0 yen from February 28 to March 27; Turkish President Erdogan suffered a disastrous defeat in the local election; China's manufacturing PMI returned to expansion in March range, non-manufacturing PMI expansion continues to accelerate; many places have introduced policies to promote the real estate market.
Last Friday, LME was closed for the Easter holiday.
Last Friday, the SHFE 2405 zinc contract opened at 20900 yuan/ton with a low of 20835 yuan/ton and a high of to 20935 yuan/ton. It finally closed down at 20920 yuan/ton, down 25 yuan/ton, or 0.12%. The trading volume dropped to 27212 lots, and the open interest decreased by 43 lots to 92569 lots. The slight decline in domestic inventories and tight ore supply supported zinc prices. However, the recovery of consumption was not as good as expected.