In terms of macroeconomy, overseas economic data was upbeat, which led to weaker market expectations for the Fed's interest rate cut. Both the US stock market and the US index fell, while nonferrous metals prices rose. At the same time, driven by the domestic old-for-new policy, zinc prices rose significantly. On the fundamentals, the tight supply of ore remains, and zinc concentrate TCs are low. As more smelters will undertake maintenance in April, output is expected to remain low.

Overseas economic data exceeded expectations. As the Fed's interest rate cut was expected to be postponed, the US dollar index strengthened.

Overnight, LME zinc closed up $73/mt or 3.02% at $2,493/mt. The trading volume was 12,717 lots, and open interest added 4,042 lots to 199,000 lots. China has promised to strengthen its policy support for the economy. Meanwhile, the confidence of US consumers has improved. And the IMF expects the global economy to grow. The market was optimistic, and most of nonferrous metals rose.

LME zinc: At the beginning of last week, the US debt ceiling agreement eased market concerns. But the strong US dollar index and the Eurozone Sentix Investor Confidence index in June falling short of expectations and dropping 17 kept LME zinc prices at low levels. The ISM non-manufacturing index in the United States unexpectedly fell to 50.3 in May, which may ease inflation.

On the evening of May 10, the seasonally adjusted US CPI annual rate for April recorded 4.9%, lower than the forecast and previous readings of 5%.

On the evening of May 10, the seasonally adjusted US CPI annual rate for April recorded 4.9%, lower than the forecast and previous readings of 5%.

Shanghai nonferrous metals closed mostly with losses in day trading.

Last week, the weekly average discount of high-grade NPI stood at 820 yuan/mtu against refined nickel, 17 yuan/mtu narrower than two weeks ago.

LME and SHFE base metals closed mostly with gains last Friday night.

The US non-farm data released last Friday exceeded expectations, and the market trades on economic recession seemed to be reversed.