[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.

On April 24, 2026, the State Taxation Administration officially released the "Positive and Negative List for Taxpayers' Compliant Invoice Issuance," providing clear and itemized guidance that both better safeguards taxpayers' legitimate rights and promotes the rectification of circular invoicing, mutual invoicing, and invoicing with artificially inflated transaction links

[SMM Zinc Morning Meeting Summary: Ongoing Middle East Tensions, LME Zinc Trades in a Range]: Overnight, LME zinc opened at $3,468.5/mt. Early in the session, LME zinc touched a high of $3,474/mt before pulling back to near the daily average line in a volatile move. It then hovered at lows, with LME zinc hitting an intraday low of $3,428.5/mt, ultimately closing lower at $3,454/mt, down $12.5/mt or 0.36%. Trading volume decreased to 9,295 lots, while open interest rose by 1,971 lots to 231,000 lots...

On March 27, the 2026 SMM (21st) Lead & Zinc Conference and Industry Expo, organized by SMM, wrapped up successfully at Howard Johnson Agile Plaza in Chengdu, Sichuan!

[SMM Morning Meeting Summary: Market Awaits Further Macro Guidance, LME Zinc Fluctuates] Overnight, the LME zinc contract opened at $3,371/mt. At the beginning of the session, bulls reduced their positions, causing LME zinc to fluctuate downward, hitting a low of $3,326.5/mt during the night session. Subsequently, with both bulls and bears active, the price center shifted upward, reaching a high of $3,387/mt toward the end of the session. It ultimately closed down at $3,382/mt, falling by $1/mt, a decline of 0.03%. Trading volume decreased to 7,361 lots, and open interest dropped by 711 lots to 229,000.