[Shanghai zinc ingot inventory slightly destocked, spot zinc discounts narrowed]: This week, spot discounts in Shanghai narrowed, with the weekly average price up 20 yuan/mt WoW. As of Friday this week, ordinary domestic brands were quoted at discounts of 10-0 yuan/mt against the 2607 contract, while the high-priced brand Shuangyan was quoted at a premium of 60 yuan/mt against the 2607 contract.

[Downstream enterprises locked in prices on dips mid-week; spot premiums rose WoW]: This week, spot premiums in Ningbo rose, up 25 yuan/mt WoW from the previous week's average. As of this Friday, spot prices in Ningbo against the 2607 contract were quoted at parity, with a premium of 40 yuan/mt against Shanghai, and during the week, the premium against Shanghai maintained a fluctuating trend..

[SMM Morning Meeting Minutes: Easing US-Iran Tensions, LME Zinc Center Moves Higher]: Overnight, LME zinc opened at $3,464/mt. It initially moved sideways along the daily average, dipping to $3,442/mt during the session. Entering the night session, bulls added positions, and LME zinc rallied all the way to reach a high of $3,534/mt near the end. It finally settled up at $3,525.5/mt, up $57/mt, or 1.64%. Trading volume fell to 14,639 lots, and open interest increased by 4,214 lots to 238,000 lots.

[SMM Morning Meeting Minutes: Fragile US-Iran Situation Drives LME Zinc Center Higher] Overnight, LME zinc opened at $3,535/mt, briefly dipped to a low of $3,520.5/mt in early trading, then rose all the way during the night session to touch a high of $3,600/mt, before funds took profits and the center moved lower, eventually closing up at $3,546/mt, up $11.5/mt, or 0.33%. Trading volume increased to 15,243 lots, and open interest decreased by 562 lots to 234,000 lots.

[Downstream Enterprise Demand Weak, Spot Transactions Poor This Week]: This week, Shanghai spot premiums maintained a fluctuating trend, with the weekly average price basically flat WoW. As of this Friday, ordinary domestic brands were quoted at a discount of 90-40 yuan/mt against the 2607 contract, while the high-priced brand Shuangyan was quoted at a premium of 60-70 yuan/mt against the 2607 contract..

[SMM Morning Meeting Minutes: LME Zinc Posted a Small Bearish Candlestick as Prices Saw Wild Swings]: Overnight, LME zinc opened at $3,598/mt. Early in the session, it quickly touched a high of $3,607.5/mt, before pulling back. By midday, LME zinc surged above the daily average line but pulled back again and dipped to $3,568/mt. After European trading began, LME zinc swung higher, recouping most of its losses, and finally closed down at $3,595/mt, down $8.5/mt, a decline of 0.24%. Trading volume fell to 85,820 lots, and open interest increased by 434 lots to 231,000 lots.

[Refined Zinc Market] According to SMM data, social inventory of zinc ingots in east China continued to accumulate. The market had ample overall supply with a large number of traders making shipments. However, zinc futures prices fluctuated, and coupled with weakening off-season orders from downstream zinc consumers, refined zinc consumption in the east China market performed poorly.

[Weak Downstream Consumption in Off-Season, Spot Premiums Edged Down During the Week]: Spot premiums in Ningbo edged down this week, with the weekly average price declining 15 yuan/mt WoW. As of this Friday, spot prices against the 2607 contract were quoted at a discount of 50 yuan/mt, with a premium of 30 yuan/mt against the Shanghai premium. The premium against the Shanghai premium maintained a fluctuating trend during the week.

As May draws to a close, the Tianjin zinc ingot market exhibited operational characteristics of "stable supply, constrained consumption, and elevated inventory." Entering June, the market widely expects the oversupply to be difficult to reverse, with evident signs of weakening downstream consumption. Premiums are expected to remain in the doldrums going forward.

[SMM Morning Meeting Minutes: No Clear End Signal for Middle East Conflict, Zinc Price Center Shifts Downward] Overnight, LME zinc recorded a bearish candlestick, with the daily candlestick center shifting downward. With no clear end signal for the Middle East war, coupled with expectations of monetary tightening policies, the center of the LME zinc contract shifted downward.