[Traders Held Firm Offers, and Spot Premiums Continued to Rise]: Spot premiums in Shanghai kept rising this week, up 30 yuan/mt WoW in terms of the weekly average price. As of this Friday, ordinary domestic brands were quoted at a discount of 20 yuan/mt against the 2605 contract, while the high-priced brand Shuangyan was quoted at a premium of 40-50 yuan/mt against the 2605 contract..

[Zinc Prices Fluctuated at Highs, Shanghai-Tianjin Price Spread Widened]: Spot premiums in Tianjin rose slightly this week, up 10 yuan/mt WoW. As of this Friday, in China, mainstream brands were quoted at discounts of around 80-120 yuan/mt against the 2605 contract, high-priced brands at discounts of around 60-90 yuan/mt against the 2605 contract, and Tianjin was quoted at a discount of around 50 yuan/mt against Shanghai, with the Shanghai-Tianjin price spread widening.

[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.

[Environmental Protection in Northern China Affected Galvanizing Operating Rates]: This week, the operating rate of the galvanizing industry was 58.75, down 0.13 percentage points WoW. Raw material side, zinc prices fluctuated at highs this week, and galvanising enterprises mainly digested inventories, but with only small volumes of earlier price-fixed purchases and long-term contracts, zinc ingot inventories at galvanising enterprises edged down. The operating rate declined this week, mainly due to environmental protection-driven production restrictions in some northern regions, which affected operations.

[SMM Morning Meeting Summary: Expectations for an End to Geopolitical Conflict Cool, LME Zinc Stops Rising and Starts to Fall] Overnight, LME zinc stopped rising and started to fall, with support provided by the middle Bollinger Bands. As expectations for a swift end to the Middle East conflict cooled, base metals generally fell, while zinc was affected by a sharp increase in LME registered warrants......

[SMM Morning Meeting Summary: LME Zinc Posted a Four-Day Winning Streak; Focus on Trump's Speech Today] Overnight, LME zinc posted a four-day winning streak, with the center of the daily candlestick moving higher. Trump released a TACO signal, expectations for an end to the geopolitical conflict in the Middle East increased, the US dollar index fell, nonferrous metals saw bargain hunting, zinc inventory remained at low levels, and bears' exit provided support, driving zinc prices all the way up. Focus on......