[Shanghai Refined Zinc Market] This week, SHFE zinc futures prices consolidated at highs, with the overall center up notably WoW. In the off-season, overall orders at downstream enterprises remained poor, and amid persistent fear of high prices, overall zinc ingot purchasing interest during the week was weak. Overall spot trading during the week was sluggish; traders had difficulty selling, and spot premiums fell during the week.

[SHFE/LME zinc price ratio continued to consolidate around 6.8]: This week, the SHFE/LME zinc price ratio consolidated around 6.8, and the zinc ingot export window opened intermittently. Outside China, the US July PPI unexpectedly came in below expectations, inflationary pressures were fading, and rate hike expectations weakened. Market sentiment improved slightly and US-Iran uncertainty increased. LME zinc inventories continued to destock, capital concentration was relatively high, and LME zinc continued to fluctuate at highs.

[SMM Zinc Morning Comment: Inventory Pressure Remains Significant; SHFE Zinc Price Center Shifts Lower] Overnight, the most-traded SHFE zinc 2609 contract opened at 25,935 yuan/mt, its intraday high. Then bulls reduced positions, and SHFE zinc fell all the way, dipping to 25,695 yuan/mt near the close, before finally closing down at 25,720 yuan/mt, down 110 yuan/mt, or 0.43%. Trading volume fell to 53,350 lots, and open interest declined by 2,944 lots to 111,000 lots.

[SMM Zinc Morning Meeting Summary: Non-farm Payrolls Data Missed Expectations, LME Zinc Center Shifted Lower]: Last Friday, LME zinc opened at $3,764/mt. At the beginning of the session, LME zinc briefly rose to hit a high of $3,798/mt, then bears added positions, and LME zinc drifted lower all the way, dipping to a low of $3,697/mt near the close. It ended down at $3,698/mt, falling $71.5/mt, a decline of 1.9%. Trading volume fell to 14,673 lots, and open interest increased by 5,089 lots to 254,000 lots.

【Ningbo Refined Zinc Market】SHFE zinc prices traded at relatively low levels early in the week, encouraging some downstream consumers to purchase on a pricing basis. However, as zinc prices rebounded, buyers turned more cautious and largely stayed on the sidelines. Combined with weak overall demand for zinc ingots, spot trading remained sluggish, while traders adopted a more passive selling strategy. As a result, Ningbo spot premiums rose initially before easing later in the week.

【Shanghai Refined Zinc Market】Shanghai spot premiums increased earlier this week. The rise was mainly driven by traders maintaining firm offers following last week's bullish sentiment. However, as warehouse warrants flowed into the Shanghai market and SHFE zinc prices climbed noticeably, downstream buyers became increasingly cautious at higher prices. Spot trading subsequently weakened, leading spot premiums to retreat.

[Traders Continue to Hold Prices Firm, Spot Premiums in Shanghai Rise WoW]: This week, spot premiums in Shanghai moved higher, up 40 yuan/mt WoW from the previous week's average. As of this Friday, ordinary domestic brands were quoted at a premium of 20 yuan/mt against the 2608 contract, while the high-priced brand Shuangyan was quoted at a premium of 160 yuan/mt against the 2608 contract..

[Shanghai Zinc: Futures Zinc Prices Edge Down, Market Premiums Continue to Rise] Today, #0 zinc mainstream transaction prices were concentrated at 24,275-24,620 yuan/mt, Shuangyan traded mainly at 24,365-24,690 yuan/mt, and #1 zinc traded at 24,205-24,550 yuan/mt. In early trading, offers against the SMM average price were at a premium of 50-60 yuan/mt, with no quotes against futures yet...

[Ningbo Refined Zinc Market] According to market sources, traders in the Ningbo market have maintained firm quotations in recent weeks. However, with SHFE zinc prices remaining elevated and downstream orders staying weak during the seasonal demand lull, buyers have shown limited interest in purchasing zinc ingots. Overall, spot trading activity has remained subdued.

[SMM Zinc Morning Meeting Summary: Market Demand Worries Resurface, LME Zinc Retreats from Highs] Overnight, LME zinc opened at $3,590.5/mt, briefly rose after the open to touch a high of $3,614/mt, then continuously pulled back from highs, hitting a low of $3,542.5/mt near the end of the session, and finally closed down at $3,551.5/mt, falling $27.5/mt, down 0.77%.··.