[SMM Morning Meeting Minutes: Macro Sentiment Improved, LME Zinc Rose] Overnight, LME zinc opened at $3,340.5/mt. At the beginning of the session, LME zinc briefly dipped to a low of $3,336.5/mt. Subsequently, bulls increased their open interest, and LME zinc fluctuated upward throughout the session, reaching a high of $3,414/mt during the night session, ultimately closing up at $3,400/mt, up $60/mt, a gain of 1.8%. Trading volume increased to 12,425 lots, and open interest rose by 1,955 lots to 217,000 lots.

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2605 contract opened at 23,850 yuan/mt, briefly dipping to a low of 23,840 yuan/mt at the start of the session. Bears then reduced their open interest, and the SHFE zinc center shifted upward to a high of 23,970 yuan/mt, ultimately closing higher at 23,900 yuan/mt, up 185 yuan/mt or 0.78%. Trading volume fell to 47,019 lots, and open interest decreased by 1,040 lots to 71,016 lots.

Premiums in the Tianjin region have consistently remained at a discount. How will premiums trend going forward?

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2605 contract opened at 23,750 yuan/mt. At the beginning of the session, it briefly rose to a high of 23,785 yuan/mt. Subsequently, bears increased their open interest, and SHFE zinc fluctuated downward all the way to a low of 23,610 yuan/mt, eventually closing lower at 23,660 yuan/mt, down 130 yuan/mt or 0.55%. Trading volume decreased to 35,832 lots, while open interest increased by 860 lots to 74,221 lots.

[SMM Morning Meeting Minutes: US Dollar Weakened, LME Zinc Edged Up] Overnight, LME zinc opened at $3,325.5/mt. Early in the session, LME zinc fluctuated upward and touched a high of $3,365.5/mt during European trading hours. Subsequently, bears increased open interest, and the LME zinc center shifted downward, hitting a low of $3,314.5/mt during the night session. Bears then reduced open interest, lifting the center, and LME zinc ultimately closed higher at $3,340/mt, up $17/mt, a gain of 0.51%. Trading volume rose to 10,950 lots, and open interest fell by 2,418 lots to 215,000 lots.

[Macro Sentiment Pulled Back and Forth, SHFE and LME Centers Moved Higher] LME zinc was closed at the beginning of the week due to the Easter holiday. After the holiday, it briefly continued the fluctuating trend from the previous week. Then, as tensions in the Middle East eased, macro sentiment improved somewhat, and LME zinc saw some rise. However, the market still carried a certain wait-and-see sentiment, and prices pulled back somewhat......