[SMM Morning Meeting Minutes: No Clear End Signal for Middle East Conflict, Zinc Price Center Shifts Downward] Overnight, LME zinc recorded a bearish candlestick, with the daily candlestick center shifting downward. With no clear end signal for the Middle East war, coupled with expectations of monetary tightening policies, the center of the LME zinc contract shifted downward.

As of April 30, the most-traded SHFE zinc contract closed at 23,645 yuan/mt, up 165 yuan/mt for the month, a gain of 0.7%. Zinc prices rebounded from lows in April, touching a low of 23,430 yuan/mt at the beginning of the month and a high of 24,515 yuan/mt at month-end, though the overall price center pulled back. Heading into May, with the tight domestic ore supply situation persisting, how will zinc prices perform?

[SMM Morning Meeting Minutes: U.S.-Iran Negotiations Reach Impasse, LME Zinc Center Shifts Lower] Overnight, the LME zinc contract recorded a long upper shadow bearish candlestick, with KDJ diverging downward. The 20-day moving average below provided support. U.S.-Iran negotiations reached an impasse, expectations of escalating conflict rose, base metals were under pressure overall, bulls mainly reduced positions and exited, and the center of zinc prices shifted lower.

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2605 contract opened at 23,960 yuan/mt. At the beginning of the session, bears reduced positions, briefly pushing zinc prices up to touch a high of 24,070 yuan/mt. However, lacking upward momentum, SHFE zinc fluctuated downward throughout the session, hitting a low of 23,915 yuan/mt before finally closing at 23,935 yuan/mt, up 30 yuan/mt (0.13%). Trading volume dropped to 33,598 lots, while open interest fell by 3,378 lots to 63,962 lots.

[SMM Morning Meeting Minutes: Strait of Hormuz Closed Again, LME Zinc Under Pressure] Overnight, the LME zinc contract recorded a long upper shadow bearish candlestick, with various moving averages below providing support. On the macro front, optimistic sentiment over the US-Iran ceasefire drove risk assets higher, and the US dollar index touched a one-month low. However, the escalation of the Israel-Lebanon conflict, the resumption of hostile actions between Iran and Israel, Iranian media reporting that the Strait of Hormuz had been fully closed, combined with the possibility of a US Fed rate hike, put LME zinc under pressure.

[SMM Zinc Morning Comment] Overnight, SHFE zinc posted a bullish candlestick with no upper shadow, with support from the 5/10-day daily average below. Driven by the LME market overnight, zinc prices fluctuated upward, but on the fundamentals side, April production at China's domestic smelters is expected to increase by more than 10,000 mt MoM. At elevated zinc prices, downstream enterprises showed lower purchasing enthusiasm, inventory destocking slowed down, and weak domestic fundamentals are expected to limit its upside. Focus on......