The short-term fundamentals of zinc remain unclear, with attention focused on macro guidance. Macro-wise, the US is expected to impose additional tariffs on copper imports, leading to a significant surge in copper prices and driving up non-ferrous metal prices. However, the subsequent imposition of a 25% tariff on imported cars by the US, along with the anticipated implementation of reciprocal tariffs on April 2, has raised concerns about a global manufacturing slowdown, resulting in a decline in market risk appetite and putting pressure on non-ferrous metal prices.

[Supply Increment Gradually Materializes, Watch for Opportunities to Sell Zinc at Higher Prices] On the fundamentals side, Boliden announced on March 17 that the Odda smelter in Norway was officially completed, with its annual capacity increasing from 200,000 mt to 350,000 mt, largely in line with market expectations. ......

[Zinc Prices May Fluctuate at Highs in the Short Term] On the macro side, domestic Two Sessions policy expectations have come to an end, entering the stage of practical verification. Overseas, with the decline in U.S. stocks, non-ferrous metal prices have generally moved higher. On the fundamentals side, overseas news has been frequent during the week. Following a significant increase in LME cancelled warrants to the highest level of the year, the cancellation ratio has surged to around 44%...

[Zinc Prices May Jump Initially and Then Pull Back After Macro Sentiment Is Digested] Frequent macro events are occurring: Trump's tariff policy escalates; US ADP employment data falls short of expectations, increasing concerns over slowing US economic growth, and US stocks accelerate their pullback; global geopolitical developments under the Russia-Ukraine conflict. Domestically, coinciding with the Two Sessions, apart from the special government bonds of 1.3 trillion yuan, the outcomes are largely in line with market expectations, with GDP growth around 5%, a fiscal deficit ratio around 4%, and a moderately loose monetary policy with timely RRR cuts and interest rate cuts...

[Fundamental Support Weakens, Zinc Prices Fluctuate Downward] On the macro level, tariff tensions have resurfaced. The US imposed a 25% tariff on Mexico and Canada on March 4, while also imposing a cumulative 20% tariff domestically. Meanwhile, the US initial jobless claims for the week recorded 242,000, the highest since the week of December 7, 2024...

[Short-Term Zinc Prices Expected to Fluctuate at Highs] On the macro side, the Russia-Ukraine conflict is expected to ease, concerns over the extension of tariff buffer periods have subsided, and with China's Two Sessions approaching in March, fiscal and monetary policies continue to strengthen, leading to an overall improvement in macro sentiment. On the fundamentals side, overall changes are relatively small...

[Improved Macro Sentiment, Zinc Prices Fluctuate at Highs]

Market Sentiment Improves, Zinc Prices Rebound From Lows

[Higher Risks During the Holiday Period, Zinc Recommended to Exit for Risk Avoidance]

[Zinc Prices Recovering From Lows: Focus on Changes in Macro Sentiment]