[Zinc futures prices first fell then rose, with overall premiums fluctuating]: This week, spot zinc prices in Shanghai quoted premiums fluctuating at lows, down 10 yuan/mt WoW. As of Friday, premiums for common domestic brands against the 2602 contract were 70–90 yuan/mt, while the premium for the high-priced brand Shuangyan against the 2602 contract was 160–190 yuan/mt.

[Shanghai Spot Supply Remained Tight This Week, Focus on Cross-Regional Flow of Zinc Ingots]: Shanghai spot zinc prices continued to rise this week, with the weekly average price up 15 yuan/mt WoW. As of Friday, spot cargoes of ordinary domestic brands traded at a premium of 200–220 yuan/mt against the 2601 contract, while high-priced brand Shuangyan had no offer against the 2601 contract.

[Shanghai Zinc Ingot Inventories Continued to Decline, Premiums Rose Further]: Shanghai spot zinc ingot quotes increased significantly this week, up 30 yuan/mt WoW. As of Friday, the premium for common domestic brands against the 2512 contract was 60 yuan/mt, while the premium for the high-priced brand Shuangyan against the 2512 contract ranged from 70 to 100 yuan/mt.

[Limited Spot Supply Drives Prices Higher]: Spot prices in Shanghai rose throughout the week, up 20 yuan/mt WoW. As of Friday, spot prices for common domestic brands were at a premium of 40 yuan/mt against the 2511 contract, while the premium for the high-priced brand Shuangyan against the 2511 contract ranged from 100 to 120 yuan/mt.

[SMM Morning Meeting Summary: Macro + Fundamentals Resonance, LME Zinc Center Moves Up] Overnight, LME zinc recorded a four-day winning streak, with the bearish candlestick on MACD narrowing and the center of the daily candlestick moving up. Overnight, Trump's nomination of a new governor raised market expectations for an interest rate cut, coupled with the meeting between Putin and Trump triggering market expectations for a ceasefire in the Russia-Ukraine conflict. Meanwhile...

[SMM Morning Comment on Zinc] Overnight, SHFE zinc stopped rising and started to fall, with the KDJ opening narrowing. Overnight, zinc prices briefly broke through 23,000 yuan/mt again, but the upward breakout lacked momentum, and market sentiment was somewhat digested. Spot cargo...