Highlights：

European energy issues are still ongoing, resulting in the production cuts at smelters, which exacerbated the shortage of zinc ingots in Europe.

The sharp de-stocking appeared of LME and cancelled warrants increased.

The lack of Zinc concentrate in China affected the output of zinc ingots, the output in March and April is less than expected.

Export window of domestic Zinc opened briefly last week and exporters started to purchase in the spot market of Shanghai.