[Fundamentals Present Mixed Signals; SHFE Zinc Maintained Fluctuating Trend] The most-traded SHFE zinc 2607 contract opened at 24,720 yuan/mt. After the opening, SHFE zinc dipped to a low of 24,675 yuan/mt. Subsequently, bulls increased their open interest, driving SHFE zinc continuously higher above the daily average line, reaching a high of 24,935 yuan/mt during the session. It finally closed up at 24,865 yuan/mt, gaining 200 yuan/mt or 0.81%. Trading volume increased to 49,676 lots, and open interest increased by 4,625 lots to 99,206 lots.....

[Smelters Actively Scrambled for Domestic Ore, TCs in Multiple Regions of China Continued to Decline]: Based on weekly data, the SMM Zn50 domestic weekly average TC fell 100 yuan/mt Zn WoW to 1,250 yuan/mt Zn, and the SMM imported zinc concentrate index dropped $9.25/dmt WoW to -$28.5/dmt...

[Australian Refinery Fire Sparks Zinc Ore Supply Concerns] According to SMM, a fire broke out at the Viva Energy refinery in Geelong, Victoria, Australia, at around 11 PM on April 15, causing a partial shutdown. The refinery is one of only two still operating in Australia, supplying approximately 50% of Victoria's fuel and 10% of the nation's total fuel demand. Given the uncertain production situation and Australia's long-term dependence on diesel imports, the incident sparked market concerns over Australian lead and zinc ore supply. Zinc prices briefly surged above $3,400/mt. Subsequent attention will focus on Australian zinc concentrates production and transportation conditions.

[SHFE/LME price ratio still fluctuating below 7.6]: This week, the SHFE/LME price ratio continued to fluctuate below 7.6, keeping the zinc ingot import window closed. Overseas, the US dollar fell to a four-month low, supporting non-ferrous metals, while geopolitical tensions and rising precious metals drove zinc prices higher, with LME zinc surging. However, due to the US Fed's hawkish signals prompting a dollar rebound, LME zinc gave back gains and edged lower.

[Zinc Prices Rose First and Then Fell This Week, with Both SHFE and LME Centers Rising] At the beginning of the week, the US dollar fell to a four-month low, supporting non-ferrous metals, while European and US natural gas prices surged due to the cold winter, leading to higher overseas smelting costs and pushing LME zinc higher...

[Domestic Zinc Concentrate Market] According to SMM, at month-end, domestic smelters began negotiating December zinc concentrate TCs this week. Against the backdrop of current tight zinc ore supply, the downtrend in domestic December zinc concentrate TCs continued, though pricing outcomes for many regions have not yet been finalized. SMM will continue to monitor the negotiation progress next week.

[Export Window Remains Open, SHFE Zinc Shows Strength]: The most-traded SHFE zinc 2512 contract opened at 22,745 yuan/mt. At the start of the session, it touched a high of 22,750 yuan/mt, then fluctuated downward throughout the day. Approaching the close, it hit a low of 22,630 yuan/mt, and finally settled down by 45 yuan/mt at 22,675 yuan/mt, a decline of 0.2%. Trading volume decreased to 37,006 lots, and open interest fell by 1,493 lots to 107,000 lots.

[Smelters mainly purchased domestic zinc ore, focusing on subsequent TC results across regions]: Domestic zinc concentrate TCs edged down this week. The weekly average SMM Zn50 domestic TC fell 50 yuan/mt in metal content MoM to 3,850 yuan/mt in metal content, while the SMM imported zinc concentrate index rose $2.5/dmt WoW to $96.25/dmt...