[SMM Zinc Morning Meeting Minutes: New Obstacles in US-Iran Negotiations, LME Zinc Retreated from Highs]: Overnight, LME zinc opened at $3,563/mt. After the opening, LME zinc fluctuated downward throughout the session, touching a high of $3,575.5/mt early in the session, probing a low of $3,505/mt near the end of the session, and finally closing lower at $3,542.5/mt, down $25/mt, a decline of 0.7%, with trading volume rising to 10,336 lots...

[SMM Zinc Morning Meeting Minutes: US-Iran Negotiations Enter Final Stage, LME Zinc Rebounds from Lows]: Overnight, LME zinc opened at $3,513/mt. After the opening, LME zinc fluctuated upward throughout the session, touching a low of $3,499.5/mt early in the session and a high of $3,569.5/mt late in the session, ultimately closing up at $3,567.5/mt, up $56.5/mt or 1.61%, with trading volume increasing to 9,871 lots...

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.

[Will Refined Zinc Maintain Net Imports in April with Exports Increasing in May?] According to the latest customs data, refined zinc imports in April 2026 were 6,000 mt, down 8,400 mt or 58.27%% MoM, and down 78.62% YoY. Cumulative refined zinc imports from January to April were 49,000 mt, down 61.98% YoY cumulatively. Refined zinc exports in April were 3,900 mt, down 16.22% MoM and up 59.21% YoY.

According to the latest customs data, refined zinc imports in April 2026 were 6,000 mt, down 8,400 mt or 58.27% MoM, and down 78.62% YoY. Cumulative refined zinc imports from January to April were 49,000 mt, down 61.98% YoY cumulatively. Refined zinc exports in April were 3,900 mt, down 16.22% MoM, and up 59.21% YoY. Cumulative refined zinc exports from January to April were 14,000 mt, up 59.69% YoY cumulatively. That is, net imports of refined zinc in April were 2,000 mt, with cumulative net imports from January to April of 34,500 mt.

[SMM Zinc Morning Meeting Minutes: US Dollar Index Continued to Strengthen, LME Zinc Retreated from Highs]: Last Friday, LME zinc opened at $3,589.5/mt, touched a high of $3,590/mt in early trading, then fluctuated downward, hitting an intraday low of $3,510/mt, before hovering at lows around the daily average line, ultimately closing lower at $3,538.5/mt...

[Domestic Ore Market Tightness Persists, Zinc Concentrate TCs Continue to Decline]: Based on weekly data, the SMM Zn50 domestic weekly average TC fell 150 yuan/mt Zn WoW to 550 yuan/mt Zn, and the SMM imported zinc concentrate index dropped $8.45/dmt WoW to -$54.2/dmt.

[SMM Morning Meeting Minutes: A Zinc Smelter in Peru Shut Down After a Fire; LME Zinc Logged Eight Consecutive Gains] Overnight, LME zinc opened at $3,558.5/mt. In early trading, LME zinc briefly moved lower to test a low below $3,542.5/mt, after which bears reduced open interest. LME zinc then rallied to a multi-year high, reaching above $3,633.5/mt. The center then pulled back slightly, and it finally closed higher at $3,587/mt, up $35/mt, a gain of 0.99%. Trading volume fell to 14,070 lots, and open interest decreased by 139 lots to 242,000 lots.

[Shanghai Refined Zinc Spot Market] Recently, zinc futures prices have been climbing steadily, and downstream enterprises have strong fear of high prices. In recent days, there has been almost no purchase activity, with sluggish trades. Meanwhile, traders offering shipments in the Shanghai market remain few, and overall spot trades in the market were sluggish, with spot premiums seeing limited decline.

[SMM Morning Meeting Minutes: Growing Market Concerns over Supply Push LME Zinc to Multi-Year Highs] LME zinc opened at $3,536/mt during the overnight session. Early in the session, a tug-of-war between longs and shorts ensued, and LME zinc swung wildly along the daily average line. Entering the night session, it briefly dipped to a low of $3,524.5/mt. Bulls then increased open interest, driving LME zinc up to a multi-year high of $3,582.5/mt. The center subsequently pulled back slightly, and it ultimately closed higher at $3,552/mt, up $19.5/mt or 0.55%. Trading volume rose to 15,506 lots, and open interest increased by 488 lots to 242,000 lots.