[SHFE/LME Price Ratio Pulled Back to Fluctuate Below 7.2]: This week, the SHFE/LME price ratio pulled back to fluctuate around 7.2, and the zinc ingot import window remained closed. Outside China, Powell released a dovish signal that long-term inflation expectations remained anchored, while LME Cash-3M shifted into a backwardation structure. Inventories outside China remained at low levels, cancelled warrants increased sharply, and LME zinc surged. On Friday, the LME zinc market was closed for a holiday.

[Domestic Smelters Extend Maintenance Period, Zinc Prices Rise During the Week] At the beginning of the week, LME zinc market was closed for one day; subsequently, due to the lingering uncertainty surrounding Trump's tariff policies and the increasing likelihood of a delayed interest rate cut by the US Fed, LME zinc prices declined; then, as the US Conference Board's Consumer Confidence Index for May exceeded expectations and the US dollar index rose, while overseas inventories continued to decline, LME zinc maintained a fluctuating trend...

[SMM Zinc Morning Comment] Overnight, the LME zinc contract recorded a long lower shadow bullish candlestick, with the 5-day daily average providing support below. As the US CPI data fell short of expectations, the US dollar pulled back, and LME zinc prices rose.

【SMM Zinc Morning Comment: LME Zinc Remains Closed on Monday Easter Holiday】Overnight, the most-traded SHFE zinc 2506 contract opened at 22,450 yuan/mt. After reaching a high of 22,450 yuan/mt at the opening, it fluctuated downward, touching a low of 22,250 yuan/mt near the end of the session, and finally closed down at 22,270 yuan/mt, a decrease of 125 yuan/mt or 0.56%. The trading volume decreased to 51,630 lots, while the open interest increased by 1,199 lots to 127,000 lots.

LME copper market was closed. Overnight, the most-traded SHFE 2407 copper contract opened at 83,900 yuan/mt, hitting a session low of 83,860 yuan/mt at the beginning, then reaching a high of 85,010 yuan/mt before closing at 84,940 yuan/mt, with a gain of 1.34%.

Overnight, LME zinc market was closed due to the UK Spring Bank Holiday.