[SMM Morning Meeting Minutes: US Dollar Index Plunged; LME Zinc Center Moved Higher] Overnight, LME zinc opened at $3,313/mt and dipped to $3,282/mt in early trading. It then fluctuated upward, with its center moving higher to a peak of $3,367.5/mt. After entering the European trading session, prices pulled back. During the night session, LME zinc gradually recouped its losses and returned to trade near the daily moving average.

As the end-of-quarter disturbances gradually subsided and the central bank's operations supported liquidity, the market's funding conditions recently showed a stable and slightly loose trend. Industry insiders indicated that the liquidity pressure after the quarter-end has significantly eased, and the price center of funds is expected to decline. Meanwhile, fiscal efforts will accelerate the pace of government bond issuance, and the supply pressure of government bonds in Q2 is gradually becoming apparent. It is widely expected in the industry that if the accelerated supply of government bonds pushes up funding rates, the central bank may use various monetary policy operations to hedge the pressure on funding conditions. Coupled with the fiscal injection effect in Q2, the funding conditions are expected to marginally loosen.

[SMM Zinc Morning Comment] The most-traded SHFE zinc 2504 contract opened at 23,800 yuan/mt. In early trading, SHFE zinc briefly declined, hitting a low of 23,690 yuan/mt. Subsequently, with bulls increasing positions, SHFE zinc steadily climbed above the daily average line, reaching a high of 23,870 yuan/mt near the session's end, and finally closed higher at 23,865 yuan/mt...

[SMM Morning Meeting Summary: US Dollar Index Continues to Decline, LME Zinc Center Rises] Overnight, LME zinc opened at $2,820/mt. At the beginning of the session, LME zinc fluctuated downward along the daily average line, briefly dipping to $2,809/mt. By the European trading session, bears exited to avoid risks, and LME zinc fluctuated upward, closing at the intraday high. It ultimately closed higher at $2,886/mt, up by $66.5/mt or 2.36%. Trading volume increased to 12,937 lots, while open interest decreased by 3,843 lots to 222,000 lots...

Overnight, LME zinc opened at $2,870/mt. At the beginning, positive and negative factors intertwined, and LME zinc briefly fell to $2,829.5/mt. Subsequently, investors reduced short positions, and LME zinc fluctuated upwards, reaching a high of $2,892.5/mt during the night session.

U.S. gasoline prices were close to a seasonal record high, which could offset the Federal Reserve's progress in curbing inflation. Regular gasoline is currently averaging $3.854 a gallon. While that was less than 5 cents lower than a year earlier, it was still the second-highest seasonal level since 2008, according to American Automobile Association.

SHANGHAI, May 19 (SMM) –Affected by sluggish refined oil prices, some petroleum coke refineries slightly lowered their production.