[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 Morning Meeting Minutes: Improved Macro Sentiment, LME Zinc Price Center Rose] Overnight, LME zinc opened at $3,400/mt. In early trading, it briefly moved lower and tested below $3,398/mt, then bulls increased open interest, and LME zinc fluctuated upward all the way, hitting above $3,439/mt in the night session. It finally closed up at $3,420.5/mt, up $20.5/mt, a gain of 0.6%. Trading volume fell to 9,595 lots, and open interest increased by 1,972 lots to 219,000 lots.

[SMM Morning Meeting Minutes: Macro Sentiment Improved, LME Zinc Rose] Overnight, LME zinc opened at $3,340.5/mt. At the beginning of the session, LME zinc briefly dipped to a low of $3,336.5/mt. Subsequently, bulls increased their open interest, and LME zinc fluctuated upward throughout the session, reaching a high of $3,414/mt during the night session, ultimately closing up at $3,400/mt, up $60/mt, a gain of 1.8%. Trading volume increased to 12,425 lots, and open interest rose by 1,955 lots to 217,000 lots.

[SHFE/LME zinc price ratio pulled back to oscillate below 7.1]: This week, the SHFE/LME zinc price ratio pulled back to oscillate around 7.1, and the zinc ingot import window remained closed. Outside China, the Middle East situation remained volatile, inventories outside China stayed at low levels, providing support for zinc prices, and the LME zinc price center shifted upward.

[Downstream Procurement Largely on As-Needed Basis, Spot Transactions Tepid During the Week]: Spot premiums in Shanghai ran at low levels this week, with the weekly average price up 10 yuan/mt WoW. As of this Friday, ordinary domestic brands were at a discount of 50-40 yuan/mt against the 2605 contract, while the premium brand Shuangyan was quoted at a premium of 40-60 yuan/mt against the 2605 contract.

[China Inventory Slightly Increased, SHFE Zinc Posted a Bullish Candlestick] The most-traded SHFE zinc 2605 contract opened at 23,590 yuan/mt. After the opening, SHFE zinc dipped to a low of 23,490 yuan/mt. Subsequently, bears reduced their open interest, and the SHFE zinc price center rose, touching a high of 23,730 yuan/mt near the close. It finally settled up at 23,730 yuan/mt, gaining 140 yuan/mt or 0.59%. Trading volume increased to 50,241 lots, while open interest decreased by 3,742 lots to 78,313 lots.....

[Futures Zinc Prices Fell Sharply, While Spot Premiums Strengthened During the Week]: Shanghai spot premiums strengthened this week, with the weekly average price up 20 yuan/mt WoW. As of this Friday, ordinary domestic brands were quoted at discounts of 30 yuan/mt to 20 yuan/mt against the 2604 contract, while the high-priced brand Shuangyan was quoted at a premium of 50 yuan/mt against the 2604 contract.

[SHFE/LME price ratio pulled back to fluctuate near 7.1] This week, the SHFE/LME zinc price ratio pulled back to fluctuate near 7.1, and the zinc ingot import window remained closed. Overseas, although strong non-farm payrolls prompted the market to scale back bets on US Fed interest rate cuts, US retail sales unexpectedly stalled in December, geopolitical risks persisted, and LME social inventory continued to draw down, providing price support. LME zinc consistently fluctuated at highs.

[Macro Sentiment Improves, SHFE Zinc Price Center Moves Higher]: The most-traded SHFE zinc 2508 contract opened at 21,660 yuan/mt. At the beginning of the session, bears reduced their positions, and SHFE zinc rapidly surged to an intraday high of 21,885 yuan/mt. It then consolidated near 21,845 yuan/mt, eventually closing up at 21,810 yuan/mt, up 135 yuan/mt or 0.62%. Trading volume decreased to 82,237 lots, while open interest fell by 6,441 lots to 97,600 lots.

[SMM Morning Meeting Summary: Mixed Data Performance, LME Zinc Records a Bearish Candlestick] Overnight, LME zinc opened at $2,654.5/mt, and continuously declined below the daily average line in the early session...