[Heavy Inventory Pressure Continues to Cap Zinc Prices on the Upside] The most-traded SHFE zinc 2605 contract opened at 23,915 yuan/mt. In early trading, as bears reduced positions, SHFE zinc gradually rose to above the daily average line and touched a high of 24,055 yuan/mt. Later, as bears added positions, SHFE zinc gradually fell below the daily average line and hit a low of 23,720 yuan/mt, finally closing down at 23,730 yuan/mt.....

[SMM Morning Meeting Summary: Geopolitical Turmoil Resurfaced, LME Zinc Came Under Pressure] Overnight, LME zinc opened at $3,297.5/mt. In early trading, bears increased open interest, dragging the center of LME zinc lower as it fluctuated downward throughout the session, and it hit an intraday low of $3,255/mt during European trading hours. The center then rebounded. Trading was suspended for about three hours due to technical issues during the period. After reopening, LME zinc touched a high of $3,306.5/mt, before the center moved lower again, and it finally closed down at $3,279/mt, down $14.5/mt, a decline of 0.44%. Trading volume increased to 7,502 lots, and open interest rose by 2,947 lots to 218,000 lots.

Korea Zinc is in talks with major U.S. technology companies to recover valuable metals from data-center electronic waste. The initiative aims to extract multiple metals including copper and other strategic materials. Analysts say the project reflects the growing importance of electronic waste recycling in global metal supply chains.

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2604 contract opened at 23,930 yuan/mt. In early trading, SHFE zinc briefly rose to a high of 23,970 yuan/mt, then bulls reduced open interest, dragging the price center lower and leaving it in the doldrums. It touched a low of 23,820 yuan/mt during the session and finally closed down at 23,880 yuan/mt, down 25 yuan/mt, or 0.1. Trading volume fell to 29,661 lots, while open interest decreased by 531 lots to 76,786 lots.

[SMM Morning Meeting Summary: US Dollar Strengthened, LME Zinc Came Under Pressure] Last Friday, LME zinc opened at $3,315.5/mt. At the beginning of the session, bulls and bears were intertwined, and LME zinc briefly rose to a high of $3,316.5/mt. Subsequently, bulls reduced their open interest, and LME zinc fluctuated downward, touching a low of $3,270.5/mt during European trading hours. পরে, the center moved up slightly and fluctuated in consolidation along the daily average line, finally closing down at $3,293.5/mt, down $21/mt, or 0.63%. Trading volume fell to 7,065 lots, and open interest decreased by 1,630 lots to 215,000 lots.

[SMM Zinc Morning Comment] Last Friday, the most-traded SHFE zinc 2604 contract opened at 24,205 yuan/mt. In early trading, SHFE zinc briefly rose to a high of 24,255 yuan/mt, then bears added to their positions, sending SHFE zinc fluctuating downward all the way to a low of 24,070 yuan/mt near the close. It finally closed down at 24,080 yuan/mt, down 60 yuan/mt, or 0.25%, with trading volume falling to 37,382 lots and open interest increasing by 1,553 lots to 76,744 lots.

[Zinc Concentrates Tender] According to SMM, the March tender price for self pick-up at the mine for zinc concentrates at a mine in North China was around 2,300 yuan/mt in metal content (including the 20/80 profit-sharing arrangement), with the enriched metal not priced. SMM will continue to monitor subsequent changes in processing fees.

[Imported Zinc Concentrates Market] Disruptions in Iran and Australia persisted recently, and the market’s concern over zinc concentrates supply continued. This week, traders of imported zinc ore continued to lower spot quotes. It was learned that some recent offers for bulk cargoes of zinc-rich zinc concentrates fell to negative prices.

[Supply Disruptions Persist, Imported TCs Continued to Decline]: Weekly data showed that the average weekly TC of SMM Zn50 domestic ore was unchanged at 1,550 yuan/mt in metal content, and the SMM imported zinc concentrate index fell $4.13/dmt MoM to $11.25/dmt...

[China Oversupply Weighed on SHFE Zinc]: The most-traded SHFE zinc 2604 contract opened at 24,250 yuan/mt. In early trading, bears added to open interest, and SHFE zinc fluctuated downward all the way, falling to a low below 24,140 yuan/mt. Its center then slightly rebounded, and it finally closed down at 24,140 yuan/mt, down 160 yuan/mt, or 0.66. Trading volume increased to 85,941 lots, while open interest rose by 2,465 lots to 75,191 lots.