[SMM Zinc Morning Meeting Summary: Bears Cut Positions, LME Zinc Rebounds from Lows]: Overnight, LME zinc opened at $3,560/mt, then fluctuated upward throughout the session, dipping to $3,555.5/mt in early trading and touching a high of $3,618/mt. It then maintained a fluctuating trend at high levels, finally closing up at $3,611.5/mt, up $50/mt, or 1.4%. Trading volume increased to 11,957 lots...

[Fundamental Tug-of-War Between Longs and Shorts, SHFE Zinc Maintains Fluctuating Trend] The most-traded SHFE zinc 2608 contract opened at 24,705 yuan/mt. After opening, SHFE zinc fluctuated around the daily average line, hitting a high of 24,745 yuan/mt during the session. Near the end of the session, it dipped to a low of 24,640 yuan/mt, and finally closed up at 24,740 yuan/mt.....

Today, the spot zinc ingot pricing in the Guangdong region has switched to the new front-month contract, with the benchmark contract shifting from the JH2607 contract to the JH2608 contract. Under the contango structure, today's quotes in the Guangdong region are at a discount of 110 yuan/ton to the JH2608 contract. How will the spot premium/discount perform in the coming period?

[SMM Zinc Morning Meeting Minutes: LME Zinc Inventory Rises Notably, LME Zinc Center Moves Lower] Overnight, LME zinc opened at $3,579.5/mt, briefly rose to a high of $3,599/mt in early trading, then retreated from highs and fell all the way, dipping to $3,539/mt during the session. Then LME zinc rebounded slightly from the low to near the daily moving average and moved in a narrow range, finally closing down at $3,561.5/mt...

[SMM Zinc Morning Comment: Fundamentals of Tight Ore Supply Unchanged, SHFE Zinc Expected to Maintain Fluctuating Trend] Overnight, the most-traded SHFE zinc 2608 contract opened at 24,735 yuan/mt. After opening, SHFE zinc fluctuated around the daily average line, touching a high of 24,780 yuan/mt at the beginning of the session and dipping to a low of 24,665 yuan/mt during the session, finally closing down at 24,715 yuan/mt..

According to LME inventory data on June 16, zinc inventory increased by 17,400 mt or 16.24% to 124,550 mt, while LME zinc off-warrant stocks fell by 18,549 mt to 20,916 mt. Based on this, the LME zinc price once quickly dropped to $3,539/mt. According to SMM, this inventory increase was mostly due to traders converting off-warrant stocks into warrants, and the overall impact was relatively limited.