[Futures Zinc Prices Fell Sharply, While Spot Premiums Strengthened During the Week]: Shanghai spot premiums strengthened this week, with the weekly average price up 20 yuan/mt WoW. As of this Friday, ordinary domestic brands were quoted at discounts of 30 yuan/mt to 20 yuan/mt against the 2604 contract, while the high-priced brand Shuangyan was quoted at a premium of 50 yuan/mt against the 2604 contract.

[Zinc Price Center Rose, Focus on Subsequent Macro Changes] The most-traded SHFE zinc 2605 contract opened at 22,875 yuan/mt. After the opening, bulls added to open interest and pushed SHFE zinc up to 23,110 yuan/mt. During the session, bulls reduced open interest and SHFE zinc fell to a low of 22,840 yuan/mt. Near the close, bulls exerted strength again, driving prices to rebound slightly. It finally closed up at 22,935 yuan/mt, up 75 yuan/mt, or 0.33%. Trading volume decreased to 66,161 lots, and open interest increased by 664 lots to 106,000 lots.....

[SHFE/LME Price Ratio Rebounded and Fluctuated Around 7.4]: This week, the SHFE/LME price ratio rebounded and fluctuated around 7.4, and the zinc ingot import window remained closed. Outside China, geopolitical disruptions were frequent. After the US Fed kept interest rates unchanged, the market bet on a US Fed rate hike, and LME zinc fell below key levels. Subsequently, bearish factors were gradually digested, and LME zinc rebounded from lows.

[Zinc Prices Broke Lower and Moved Downward, with Good Trading This Week]: Spot premiums in Tianjin rose slightly this week, up 10 yuan/mt WoW. As of this Friday, in China, standard brands were quoted at discounts of around 20-70 yuan/mt against the 2604 contract, while high-priced brands were quoted at discounts of around 10 yuan/mt to premiums of around 10 yuan/mt against the 2604 contract. Tianjin was quoted at a discount of around 10 yuan/mt against Shanghai.

SMM News on March 20: The most-traded SHFE lead 2605 contract opened at around 16,461 yuan/mt intraday. Affected by broad declines across base metals, lead prices moved in a unilateral downward trend overall today, hitting a low of 16,270 yuan/mt during the session. Although prices edged up slightly toward the close, the rebound was limited, and the contract finally closed at 16,290 yuan/mt. A small bearish candlestick was recorded, down 125 yuan/mt, or 0.76%. Supply side, dragged down by low lead prices, suppliers of primary lead showed mediocre willingness to ship, while secondary lead producers held prices firm and were reluctant to sell due to cost pressure, leaving overall transactions sluggish. Demand side, downstream battery plants mainly purchased based on rigid demand under long-term contracts, while wait-and-see sentiment for spot orders remained strong. SMM expects SHFE lead prices to remain in the doldrums. Data Source Statement: Except for public information, all other data is processed and derived by SMM based on public information, market communication, and SMM's internal database models, and is for reference only and does not constitute decision-making advice.

[Downstream Enterprises Actively Priced and Purchased, with Spot Transactions Improving Significantly During the Week]: This week, Ningbo spot premiums continued to rise, with the weekly average price up 20 yuan/mt WoW. As of this Friday, Ningbo spot prices against the 2604 contract were at a discount of 30 yuan/mt, with a premium of 50 yuan/mt against Shanghai, and the premium against Shanghai widened during the week..