[SMM Zinc Morning Comment] Overnight, SHFE zinc posted a sixth consecutive gain, with the center of the daily candlestick moving higher. The 20-day moving average below provided support, while the 40/60-day moving averages above formed resistance. Overnight, zinc prices held up well, supported by costs on the supply side, while downstream consumption continued destocking, but...

[SMM Morning Meeting Summary: Dovish Remarks by the US Fed Drove Zinc Prices Higher] Overnight, LME zinc recorded a bullish candlestick, with the 20-day daily average above acting as resistance. Overnight, dovish remarks by the US Fed boosted market sentiment, while LME Cash-3M shifted to a backwardation structure......

[Support From the Supply Side Pushed the Center of Zinc Prices Higher] The most-traded SHFE zinc 2605 contract opened at 23,320 yuan/mt. In early trading, bears reduced open interest, and SHFE zinc quickly surged to a high of 23,575 yuan/mt. It then dropped back slightly, fluctuating and consolidating around 23,515 yuan/mt, before closing up at 23,540 yuan/mt, up 160 yuan/mt, or 0.68. Trading volume fell to 105,000 lots, and open interest decreased by 5,427 lots to 97,355 lots.

On March 27, the 2026 SMM (21st) Lead & Zinc Conference and Industry Expo, organized by SMM, wrapped up successfully at Howard Johnson Agile Plaza in Chengdu, Sichuan!

[SMM Zinc Morning Comment] Last Friday, SHFE zinc recorded a five-day winning streak, with support provided by the 5-day and 10-day daily average lines below. In April, routine maintenance at smelters increased, and inventory continued destocking, while zinc fundamentals improved......

[SMM Morning Meeting Summary: Zinc Fundamentals Improved Slightly, but Weak Macro Sentiment Limited Its Gains] Last Friday, LME zinc posted a small bullish candlestick, with the 10-day moving average above acting as resistance. Although the risk of an escalation in the geopolitical conflict in the Middle East remained last Friday and macro sentiment was weak, concerns over mine-side energy supply arising from such an escalation also increased......

[Mixed Bullish and Bearish Factors in the Market, SHFE and LME Zinc Prices Rose] At the beginning of the week, LME zinc continued last week's downward fluctuation trend; subsequently, the US dollar index dropped back slightly from its highs, and LME zinc rose; however, the ongoing escalation of the Middle East conflict, coupled with the renewed strength of the US dollar index, constrained the upside room for zinc prices, and the center of LME zinc gradually pulled back......

[Zinc Oxide Operating Rates Remain Stable, End-Use Demand Shows Divergence] In terms of orders, overall demand for rubber-grade zinc oxide remained stable, but some enterprises were relatively cautious about expectations for subsequent demand from tyre factories; orders for major ceramic-grade zinc oxide producers were relatively stable, but affected by the overall weakness in the real estate market, overall demand in the sector was average......

[Guangdong Premiums Rose This Week, Expected to Maintain a Fluctuating Trend Next Week] Guangdong premiums rose 45 yuan/mt WoW this week. As of this Friday, mainstream 0# zinc in Guangdong was quoted at discounts of 20~0 yuan/mt against market quotations, and the Shanghai-Guangdong price spread narrowed.......

[Zinc Price Center Rose, Demand Performance Varied Across Die-Casting Zinc Alloy Segments] This week, operating rates of die-casting zinc alloy remained rangebound. From the perspective of end-user orders, demand performance varied across segments. Demand for orders of electronic products and auto parts was relatively strong recently, while traditional hardware products were dragged down by the real estate market and performed relatively average; orders for luggage zippers were weak, but apparel zipper orders at some enterprises were relatively steady......