[SMM Zinc Morning Comment] Overnight, LME zinc was closed due to Memorial Day. Considering expectations of easing geopolitical conflicts, LME zinc is expected to mainly fluctuate at highs during the day.

[SMM Morning Meeting Minutes: Zinc Prices Fluctuate at Highs, Attention on the Round-Number Resistance Level of 25,000 Yuan/Mt] Overnight SHFE zinc posted a five-day winning streak, with the daily candlestick center shifting upward and various moving averages below providing support. On the fundamentals side, ore-end TCs were approaching 0 yuan/mt Zn, smelter comprehensive profits declined notably, and in late June......

[SMM Zinc Morning Comment] Last Friday, SHFE zinc stopped rising and started to fall, with KDJ diverging downward. Ore TCs continued to decline, leading to increased profit pressure on smelters. Zinc prices fluctuated at highs, and subsequent attention should be paid to smelter production conditions.

[SMM Morning Meeting Minutes: Tug-of-War Between Longs and Shorts, Zinc Prices Maintain Range-Bound Trading] Last Friday, LME zinc recorded a small bullish candlestick, with various moving averages below forming support. On the macro front, there are expectations of easing geopolitical conflicts, but inflationary pressure remains significant. The tug-of-war between longs and shorts keeps LME zinc in range-bound trading.

According to SMM, zinc slag payables pulled back slightly but remained at highs seen in recent years. What were the reasons? How will they trend going forward?

[Weak Order Demand in Some Sectors, Zinc Oxide Operating Rates Declined] The industry's operating rates pulled back WoW this week. Dragged down by weak end-use demand, some enterprises slowed down their production pace, and capacity release contracted somewhat......