[Geopolitical Disruptions Combined with Trade Disturbances, SHFE and LME Both Rise] At the beginning of the week, LME zinc was closed due to the UK bank holiday. Subsequently, signs that the US-Iran ceasefire agreement remained in effect eased inflation concerns and upward pressure on interest rates. Combined with supply disruptions outside China, these factors jointly supported the rise of LME zinc. Meanwhile, the US dollar index continued to decline, and inventories outside China fell consecutively, further supporting LME zinc's upward move......

[SHFE/LME zinc price ratio pulled back to around 7 and oscillated]: This week, the SHFE/LME zinc price ratio pulled back to around 7 and oscillated, with the zinc ingot import window remaining closed. Outside China, geopolitical conflicts in the Middle East showed signs of easing, U.S. Treasury yields and the U.S. dollar weakened, market concerns over high inflation eased, non-ferrous and precious metal prices rose, and the LME zinc price center moved higher.

[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 Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2606 contract opened lower with a gap at 24,180 yuan/mt. At the beginning of the session, SHFE zinc fluctuated downward with small fluctuations to a low of 24,125 yuan/mt. Subsequently, bears reduced their open interest, and the price fluctuated upward above the daily average line to a high of 24,250 yuan/mt. At the end of the session, it moved sideways, ultimately closing lower at 24,205 yuan/mt, down 45 yuan/mt or 0.19%. Trading volume decreased to 37,900 lots, and open interest decreased by 1,278 lots to 92,124 lots.

[SMM Morning Meeting Minutes: Macro and Fundamentals Resonate, LME Zinc Center Rises] Overnight, LME zinc opened at $3,365/mt. At the beginning of the session, LME zinc dipped slightly to $3,357/mt, then prices continued to rise, reaching a high of $3,442/mt. Late in the session, prices pulled back slightly from highs to consolidate, ultimately closing up at $3,409.5/mt, up $51/mt, a gain of 1.52%. Trading volume increased to 101,000 lots, and open interest increased by 4,648 lots to 236,000 lots.

[SMM Morning Meeting Minutes: U.S.-Iran Ceasefire Agreement Remains in Effect, LME Zinc Center Moves Higher] Overnight, LME zinc was closed for the Easter holiday. Overnight, SHFE zinc was closed for the Qingming Festival holiday. The market awaited further signals on the U.S.-Iran situation ahead of Trump's "deadline." Significant uncertainty remained over the Middle East situation, while ex-China social inventory stayed low. LME zinc was expected to hold up well with a fluctuating trend, with attention on macro developments.

[SHFE/LME zinc price ratio rebounded to around 7.1 and oscillated]: This week, the SHFE/LME zinc price ratio rebounded to around 7.1 and oscillated, with the zinc ingot import window remaining closed. Outside China, increased uncertainty over the US-Iran conflict triggered inflation concerns, the US dollar index strengthened, and growing concerns over economic growth weighed on non-ferrous metals, which remained in the doldrums. LME inventory edged up, and LME zinc declined.

[SMM Zinc Morning Comment] Last Friday, SHFE zinc recorded a long upper shadow bearish candlestick, with the upper Bollinger Bands exerting pressure from above and various moving averages providing support below. The upward shift in SHFE zinc's center last Friday was mainly due to...

[SMM Morning Meeting Minutes: LME Inventory Continued to Decline, LME Zinc Fluctuated at Highs] Last Friday, LME zinc posted a small bullish candlestick, with the 5-day moving average providing support below. Last Friday, LME zinc fluctuated at highs. LME inventory continued to decline, and structural risks in LME Cash-3M persisted, providing strong support for LME zinc.

[SHFE/LME Zinc Price Ratio Rebounded to Around 7.0 and Fluctuated]: This week, the SHFE/LME zinc price ratio rebounded to around 7.0 and fluctuated, with the zinc ingot import window remaining closed. Ex-China, US-Iran negotiations eased, market risk appetite improved, LME inventory continued destocking, bears reduced positions and exited, and LME zinc center moved up. At the end of the week, US-Iran tensions resurfaced, and LME zinc edged down slightly.