[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2606 contract opened higher with a gap at 24,350 yuan/mt. At the beginning of the session, SHFE zinc briefly rose to a high of 24,410 yuan/mt, then pulled back under pressure. Near the end of the session, it moved below the daily average line to a low of 24,280 yuan/mt, ultimately closing up at 24,315 yuan/mt, up 30 yuan/mt, a gain of 0.12%. Trading volume decreased to 41,272 lots, and open interest increased by 895 lots to 90,766 lots.

[SMM Morning Meeting Minutes: Driven by Macro Factors, LME Zinc Rose to Record a Three-Day Winning Streak] Overnight, LME zinc opened at $3,397.5/mt. Early in the session, LME zinc experienced small fluctuations downward to a low of $3,392.50/mt. Subsequently, bulls increased open interest to push prices to fluctuate upward, reaching a high of $3,461.00/mt. Late in the session, LME zinc pulled back slightly, ultimately closing higher at $3,447.00/mt, up $37.5/mt, a gain of 1.10%. Trading volume increased to 87,481 lots, and open interest increased by 892 lots to 237,000 lots.

According to the National Energy Administration, during this Labour Day holiday, NEVs were charged a total of 3.9784 million times on expressways, with total charging volume reaching 94.9314 million kWh. The daily average charging volume was 18.9863 million kWh, up 52.8% YoY, and 2.34 times the regular daily level this year.

[SMM HRC Daily Trading] On May 7, the combined daily trading volume of HRC from SMM's sample enterprises across four cities (Shanghai, Lecong, Tianjin, Ningbo) totaled 16,260 mt, down 1,000 mt DoD (-5.8%), up 65.75% YoY (solar calendar), and up 46.09% YoY (lunar calendar).

On May 7, 2026, the iron ore market showed a volatile but strengthening trend with intense trading activity. The main contract I2609 finally closed at 817 yuan/ton, up 0.62% from the previous trading session.

On May 7, 2026, iron ore futures fluctuated upward with intense trading, and the most-traded contract I2609 closed at 817 yuan/mt, up 0.62% from the previous trading session. Port spot prices were basically flat compared to the previous day. Traders showed moderate quoting activity, and steel mills remained cautious in procurement; overall spot transaction sentiment was lukewarm. Currently, iron ore supply-demand fundamentals remain stable. However, oil prices transmitted through the shipping market, leading to a significant rise in iron ore freight costs today, further supporting iron ore prices. In addition, reports indicated that the US and Iran are negotiating on resolving conflicts and reopening the Strait of Hormuz, with oil prices having fallen for three consecutive days. This news may boost market sentiment in the short term, providing positive sentiment-driven support for iron ore prices.