[Tug-of-War Between Longs and Shorts Continued, SHFE and LME Prices Fluctuated Upward] At the beginning of the week, boosted by optimistic sentiment over the easing of earlier geopolitical tensions, LME zinc edged up. Subsequently, as expectations for U.S.-Iran peace talks wavered and the Strait of Hormuz faced renewed restrictions, market concerns intensified, and LME zinc struggled to rise and continued to pull back.

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2605 contract opened at 23,680 yuan/mt. In early trading, SHFE zinc briefly rose to a high of 23,685 yuan/mt, after which bears added to their positions and SHFE zinc fluctuated downward all the way, hitting a low of 23,440 yuan/mt near the close. It finally closed down at 23,455 yuan/mt, down 275 yuan/mt, or 1.16%. Trading volume fell to 39,416 lots, and open interest increased by 10,738 lots to 91,209 lots.

[SMM Morning Meeting Summary: Uncertainty in Demand and Trade Outlook Casts a Shadow over Zinc Prices] Overnight, SHFE zinc recorded a small bullish candlestick, but was suppressed by the 5-day daily average moving average. Overnight, zinc prices were in the doldrums, trade...

[SMM Morning Meeting Summary: Macro and Fundamentals in a Tug-of-War, SHFE Zinc Price Maintains Fluctuating Trend] Overnight, SHFE zinc recorded a small bullish candlestick, with the 5-day moving average acting as resistance above and the lower band of the Bollinger Bands providing support below. Progress was made in the China-U.S. trade negotiations...

[SMM Zinc Morning Meeting Summary: Market Continues to Focus on Trade Negotiations, LME Zinc Maintains Fluctuating Trend]: Overnight, LME zinc opened at $2,706/mt. After opening, LME zinc rose steadily, reaching a high of $2,730/mt during the midday session, before pulling back from highs and declining all the way. It touched a low of $2,692/mt near the end of the session, eventually closing down at $2,704/mt, down $7.5/mt or 0.28%. Trading volume decreased to 9,128 lots, while open interest fell by 521 lots to 213,000 lots···

[SMM Zinc Morning Meeting Summary: Tariff Uncertainty Resurfaces, LME Zinc Rally Halts]: Overnight, LME zinc opened at $2,692/mt. After opening, LME zinc trended downward, reaching a low of $2,658/mt before rebounding and rising, hitting a high of $2,711.5/mt at the close. It ultimately closed up at $2,711.5/mt, gaining $18.5/mt, or 0.69%. Trading volume decreased to 11,422 lots, while open interest fell by 64 lots to 213,000 lots···