[SMM Zinc Morning Comment: LME Boosted SHFE Trends, SHFE Zinc Rose in Night Session] Last Friday, the most-traded SHFE zinc 2608 contract opened at 24,500 yuan/mt. After the opening, SHFE zinc hovered at highs. At the beginning of the session, it dipped to a low of 24,490 yuan/mt, then touched a high of 24,690 yuan/mt during the session, and finally closed up at 24,670 yuan/mt, up 275 yuan/mt..

[Domestic Zinc Concentrate TCs Reach Negative Territory, TCs Continue to Decline]: On a weekly basis, the average SMM Zn50 domestic weekly TCs fell by 100 yuan/mt Zn WoW to -50 yuan/mt Zn, and the SMM imported zinc concentrate index dropped by $0.45/dmt WoW to -$71.20/dmt..

[SMM Zinc Morning Comment] Last Friday, the most-traded SHFE zinc 2607 contract opened at 24,815 yuan/mt. In early trading, SHFE zinc surged to a high of 24,870 yuan/mt, before bulls took profits and prices pulled back. Towards the close, it dipped to a low of 24,640 yuan/mt, finally closing up at 24,695 yuan/mt, down 85 yuan/mt or 0.34%. Trading volume decreased to 59,844 lots, and open interest fell by 748 lots to 96,892 lots.

[Domestic zinc concentrate TCs see more negative deals, overall decline continues]: From weekly data, SMM Zn50 domestic weekly average TCs fell 100 yuan/mt Zn WoW to 50 yuan/mt Zn, and the SMM imported zinc concentrate index dropped $7.3/dmt WoW to -$70.75/dmt..

According to the latest customs data, China imported 447,700 mt in physical content of zinc concentrates in April 2026, down 17.95% MoM from March (97,900 mt in physical content) and down 9.49% YoY. Cumulative zinc concentrate imports from January to April totaled 2.0021 million mt in physical content, up 16.92% YoY cumulatively.

[Peru's "Gas Shortage" Energy Crisis Disrupts Zinc Concentrates Supply] Due to a rupture in Peru's natural gas pipeline (Megantoni district, Cusco province), the country fell into a "gas shortage" predicament, with electricity production and fuel supply severely affected. State-owned oil company Petroperú plunged into a serious financial crisis, and Peru is facing a severe nationwide energy crisis.

As of April 30, the most-traded SHFE zinc contract closed at 23,645 yuan/mt, up 165 yuan/mt for the month, a gain of 0.7%. Zinc prices rebounded from lows in April, touching a low of 23,430 yuan/mt at the beginning of the month and a high of 24,515 yuan/mt at month-end, though the overall price center pulled back. Heading into May, with the tight domestic ore supply situation persisting, how will zinc prices perform?

As of April 24, the average domestic zinc concentrate TC dropped to 1,050 yuan/mt in metal content, and the imported zinc concentrate TC fell to -$36.13/dmt. Overall, zinc concentrate TCs continued to decline, with imported zinc concentrate TCs deepening further into negative territory. In May, domestic zinc concentrate TCs in multiple regions plan to further drop to three-digit levels.

As of April 3, the average domestic zinc concentrate TC dropped to 1,350 yuan/mt in metal content, and the imported zinc concentrate TC fell to -$14.5/dmt, with the import market once again entering negative territory. After Chinese New Year, domestic mines gradually resumed production — so why did zinc concentrate TCs decline again in April?

[Smelters Actively Procure Domestic Zinc Ore, China TCs Are Expected to Decline in April]: Weekly data showed that the average weekly SMM Zn50 domestic TC fell 200 yuan/mt Zn MoM to 1,350 yuan/mt Zn, while the SMM imported zinc concentrates index fell $12.22/dmt MoM to -$14.5/dmt...