【Ningbo Refined Zinc Market】SHFE zinc prices traded at relatively low levels early in the week, encouraging some downstream consumers to purchase on a pricing basis. However, as zinc prices rebounded, buyers turned more cautious and largely stayed on the sidelines. Combined with weak overall demand for zinc ingots, spot trading remained sluggish, while traders adopted a more passive selling strategy. As a result, Ningbo spot premiums rose initially before easing later in the week.

【Shanghai Refined Zinc Market】Shanghai spot premiums increased earlier this week. The rise was mainly driven by traders maintaining firm offers following last week's bullish sentiment. However, as warehouse warrants flowed into the Shanghai market and SHFE zinc prices climbed noticeably, downstream buyers became increasingly cautious at higher prices. Spot trading subsequently weakened, leading spot premiums to retreat.

[Traders Continue to Hold Prices Firm, Spot Premiums in Shanghai Rise WoW]: This week, spot premiums in Shanghai moved higher, up 40 yuan/mt WoW from the previous week's average. As of this Friday, ordinary domestic brands were quoted at a premium of 20 yuan/mt against the 2608 contract, while the high-priced brand Shuangyan was quoted at a premium of 160 yuan/mt against the 2608 contract..

[Shanghai Zinc: Futures Zinc Prices Edge Down, Market Premiums Continue to Rise] Today, #0 zinc mainstream transaction prices were concentrated at 24,275-24,620 yuan/mt, Shuangyan traded mainly at 24,365-24,690 yuan/mt, and #1 zinc traded at 24,205-24,550 yuan/mt. In early trading, offers against the SMM average price were at a premium of 50-60 yuan/mt, with no quotes against futures yet...

[Ningbo Refined Zinc Market] According to market sources, traders in the Ningbo market have maintained firm quotations in recent weeks. However, with SHFE zinc prices remaining elevated and downstream orders staying weak during the seasonal demand lull, buyers have shown limited interest in purchasing zinc ingots. Overall, spot trading activity has remained subdued.

[SMM Zinc Morning Meeting Summary: Market Demand Worries Resurface, LME Zinc Retreats from Highs] Overnight, LME zinc opened at $3,590.5/mt, briefly rose after the open to touch a high of $3,614/mt, then continuously pulled back from highs, hitting a low of $3,542.5/mt near the end of the session, and finally closed down at $3,551.5/mt, falling $27.5/mt, down 0.77%.··.

[Shanghai zinc: Few traders selling, spot premiums up MoM] Today, #0 zinc mainstream transaction prices were centered at 24,790-24,860 yuan/mt, Shuangyan mainstream transaction at 24,910-25,010 yuan/mt, and #1 zinc mainstream transaction at 24,720-24,790 yuan/mt. In early trading, offers were at premiums of 30-40 yuan/mt against the SMM average price, with no quotes against the futures contract yet...

[Ningbo Zinc: Trader quotations basically held stable, downstream enterprises continued to wait and see] In the Ningbo market, mainstream-brand 0# zinc traded at around 24,810-24,860 yuan/mt. Regular brands in Ningbo were quoted at a discount of 10 yuan/mt against the 2608 contract and a premium of 30 yuan/mt against spot cargo in Shanghai, while the mainstream in the Ningbo area quoted against the 2608 contract.

[Shanghai Refined Zinc Market] SHFE zinc prices rose notably this week compared with the previous week. However, downstream demand remained weak amid the seasonal slowdown, with buyers continuing to procure only on an as-needed basis. Spot market transactions were generally sluggish, although traders maintained relatively firm quotations. Overall, spot premiums fluctuated at low levels during the week.

[SMM Morning Meeting Summary: Fundamentals Still Supportive, LME Zinc Center Shifts Higher] Overnight, LME zinc opened at $3,545/mt. In early trading, it briefly dipped to a low of $3,535/mt, then bulls added positions and LME zinc drifted higher throughout the session, touching a high of $3,594/mt near the end of trading, and finally closed higher at $3,579/mt, up $31/mt, a 0.87% gain. Trading volume increased to 13,260 lots, while open interest decreased by 1,268 lots to 269,000 lots.