[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···

SHFE copper opened slightly lower in the morning session and then declined, before the market rebounded, closing down 0.08%. Market concerns about subsequent economic growth have increased, and uncertainties surrounding trade frictions persist. Although domestic social inventory of copper cathode continued to decline, copper prices faced significant upward pressure, continuing to fluctuate rangebound. China's industrial enterprise profits in Q1 shifted from decline to growth, but the IMF lowered its global economic growth forecast, and uncertainties surrounding global trade frictions remain, with the macro atmosphere still awaiting clarity. Regarding the macro front, Maike Futures stated that the macro front is highly uncertain due to the trade war dynamics, but there may be increasing signs of a mid-term economic slowdown. As copper prices rebound to high levels, the macro environment has reverted to being a pressure factor. Domestic copper concentrate TCs continue to decline, with the tight ore supply situation persisting. Jinrui Futures stated that as mining company financial reports are being released, the annual increase in copper concentrates has been revised down to around 410,000 tonnes, and the backdrop of tight raw material supply remains unchanged. Although there have been smelting maintenance activities in the smelting sector, the impact may be felt in May. In addition, there have been instances of smelting reductions overseas, with their raw materials potentially flowing into China. On the consumption side, downstream wire and cable enterprises reported strong order flows, with April's consumption resilience materializing and domestic social inventory maintaining a relatively fast destocking pace. Looking ahead, as the long holiday approaches, downstream stockpiling is expected to sustain strong short-term fundamentals, with prices potentially remaining resilient. However, there are concerns about weakening consumption in mid-to-late May, which is not conducive to a sustained upward movement in the price center.