[SMM Morning Meeting Summary: Strong US Dollar Puts LME Zinc in the Doldrums] Overnight, LME zinc formed a large bearish candlestick, with the daily candlestick center shifting downward and the MACD bearish candlestick expanding. Affected by the strengthening of the US dollar and navigation in the Strait of Hormuz, nonferrous metals are in the doldrums......

[SMM Hot-Rolled Coil Daily Trading Volume] On June 24, the total daily hot-rolled coil trading volume of sample enterprises in SMM’s four cities (Shanghai, Lecong, Tianjin, Ningbo) was 12,300 mt, up 260 mt or 2.1% day-on-day, up 9.04% YoY in the solar calendar and up 25.77% YoY in the lunar calendar.

The most-traded HRC contract closed at 3,325 today, slipping 0.03% throughout the day. Spot side, HRC prices firmed, edging up 10 yuan/mt, while CRC prices remained flat, with overall trading on the weak side. City-level HRC inventory data was released today. Zhangjiagang, Ningbo, and Lecong continued destocking, but the pace of destocking slowed down, while Shanghai and Tangshan experienced inventory buildup. City inventory trends diverged. Due to the Dragon Boat Festival holiday, a temporary, modest buildup in HRC social inventory is expected this week. Going forward, impacted by the Dragon Boat Festival holiday and the failure of demand to rebound post-holiday, the fundamental pressure on sheets & plates is emerging. However, with market talk of coke initiating a ninth round of increase, cost support for sheets & plates prices still holds. In the near term, plates & sheets prices are projected to remain in the doldrums.

[SMM Morning Meeting Summary: LME Zinc Center Shifts Downward Under Expectations for US Fed Interest Rate Hikes] Overnight, LME zinc recorded a large bearish candlestick, the lower Bollinger Bands provided support. Expectations for US Fed interest rate hikes increased, non-ferrous metals and global stock markets fell, the US dollar remained firm...

[SMM HRC Daily Trading Volume] On June 23, the total daily HRC trading volume of sample enterprises in four SMM cities (Shanghai, Lecong, Tianjin, Ningbo) was 12,040 mt, down 230 mt (-1.9% day-on-day), up 8.47% calendar YoY, and up 19.92% lunar YoY.

[SMM Morning Meeting Summary: LME Zinc Held Up Well on Expectations of De-escalation in Geopolitical Conflict] Overnight, LME zinc formed a bullish candlestick, with the 10/20-day moving averages providing support below and the upper Bollinger Band exerting resistance above. Preliminary talks between the U.S. and Iran may pave the way for a war agreement, reigniting optimism and keeping LME zinc firm.