[SMM Zinc Morning Comment] Overnight, LME zinc was closed due to Memorial Day. Considering expectations of easing geopolitical conflicts, LME zinc is expected to mainly fluctuate at highs during the day.

[SMM Morning Meeting Minutes: Zinc Prices Fluctuate at Highs, Attention on the Round-Number Resistance Level of 25,000 Yuan/Mt] Overnight SHFE zinc posted a five-day winning streak, with the daily candlestick center shifting upward and various moving averages below providing support. On the fundamentals side, ore-end TCs were approaching 0 yuan/mt Zn, smelter comprehensive profits declined notably, and in late June......

[SMM Zinc Morning Comment] Last Friday, SHFE zinc stopped rising and started to fall, with KDJ diverging downward. Ore TCs continued to decline, leading to increased profit pressure on smelters. Zinc prices fluctuated at highs, and subsequent attention should be paid to smelter production conditions.

[SMM Morning Meeting Minutes: Tug-of-War Between Longs and Shorts, Zinc Prices Maintain Range-Bound Trading] Last Friday, LME zinc recorded a small bullish candlestick, with various moving averages below forming support. On the macro front, there are expectations of easing geopolitical conflicts, but inflationary pressure remains significant. The tug-of-war between longs and shorts keeps LME zinc in range-bound trading.

According to SMM, zinc slag payables pulled back slightly but remained at highs seen in recent years. What were the reasons? How will they trend going forward?

[Weak Order Demand in Some Sectors, Zinc Oxide Operating Rates Declined] The industry's operating rates pulled back WoW this week. Dragged down by weak end-use demand, some enterprises slowed down their production pace, and capacity release contracted somewhat......

[Consumption Gradually Entering Off-Season, Market Mostly Purchasing as Needed] Zinc prices hovered at highs during the week. Die-casting zinc alloy enterprises restocked and stockpiled on dips during the week. Combined with cargo pick-up activities of various enterprises, raw material inventory increased somewhat this week.....

[Geopolitical Tensions Fluctuate as SHFE and LME Zinc Prices Fluctuate Upward] At the beginning of the week, the tug-of-war between longs and shorts intensified. On the macro front, the Middle East situation remained unresolved and market uncertainty persisted, but the US dollar index retreated from highs. Combined with persistently low ex-China zinc ingot inventory, LME zinc maintained a fluctuating trend......

[SHFE/LME zinc price ratio maintained fluctuating trend near 6.9]: This week, the SHFE/LME zinc price ratio maintained a fluctuating trend near 6.9, and the zinc ingot import window remained closed. Outside China, tensions in the Middle East had not yet eased, increasing market uncertainty. The US dollar index pulled back, and combined with persistently low ex-China zinc inventory levels, LME zinc maintained a fluctuating trend.

[Tianjin Zinc Ingot Premiums Declined, Market Trading Was Weak]: Spot premiums in Tianjin declined this week, down 5 yuan/mt WoW. As of this Friday, domestic ordinary brands were quoted at a discount of 40-80 yuan/mt against the 2606 contract, premium brands were quoted at a discount of 0-40 yuan/mt against the 2606 contract, and Tianjin was quoted at a discount of 80 yuan/mt against Shanghai.