[Monthly Production Declined: Refined Zinc Faces Dual Pressure from Raw Material Supply and Costs] Overall, refined zinc production release in April and May fell short of expectations, mainly because as ex-China mine disruptions increased and China's ore recovery remained limited, TCs accelerated downward. Imported TCs have already dropped to $39.25/dmt, while China's weekly TCs broke below historical lows to 850 yuan/mt in metal content...

[SMM Morning Meeting Minutes: Poor Macro Sentiment, LME Zinc Posted Three Consecutive Losses] Overnight LME zinc posted three consecutive losses, with the daily candlestick center shifting downward and the 40-day average line providing support below. Overnight the US Fed kept interest rates unchanged, the US dollar index strengthened, and market concerns over economic growth intensified. Non-ferrous metals were in the doldrums, LME zinc......

[SMM Morning Meeting Minutes: Overnight LME Zinc Recorded a Shaven-Head Bearish Candlestick with Daily Candlestick Center Shifting Downward] Overnight LME zinc recorded a shaven-head bearish candlestick, with the daily candlestick center shifting downward and the 5-day moving average forming resistance above. As increased uncertainty over the US-Iran conflict triggered inflation concerns, the US dollar strengthened, non-ferrous metals were overall in the doldrums, and bears

[SMM Morning Meeting Minutes: U.S.-Iran Negotiations Reach Impasse, LME Zinc Center Shifts Lower] Overnight, the LME zinc contract recorded a long upper shadow bearish candlestick, with KDJ diverging downward. The 20-day moving average below provided support. U.S.-Iran negotiations reached an impasse, expectations of escalating conflict rose, base metals were under pressure overall, bulls mainly reduced positions and exited, and the center of zinc prices shifted lower.

[SMM Morning Meeting Minutes: LME Inventory Continued to Decline, LME Zinc Fluctuated at Highs] Last Friday, LME zinc posted a small bullish candlestick, with the 5-day moving average providing support below. Last Friday, LME zinc fluctuated at highs. LME inventory continued to decline, and structural risks in LME Cash-3M persisted, providing strong support for LME zinc.

[SMM Data: Complete Summary of SMM March 2026 Import and Export Data] SMM March 2026 import and export data showed: copper cathode net imports were lower YoY; primary aluminum imports reached 255,000 mt, up 14.8% YoY; refined lead imports surged significantly; zinc ingot imports were up 220% MoM; tin ore imports were up 122% YoY; silver imports were up 93% MoM; steel exports rebounded MoM; PV module export value was up 122.7% MoM; silicon metal exports were up 43% MoM, and magnesium exports hit a multi-year high. Among new energy materials, exports of LiPF6 and artificial graphite surged significantly.

[SMM Zinc Morning Meeting Summary: Ongoing Middle East Tensions, LME Zinc Trades in a Range]: Overnight, LME zinc opened at $3,468.5/mt. Early in the session, LME zinc touched a high of $3,474/mt before pulling back to near the daily average line in a volatile move. It then hovered at lows, with LME zinc hitting an intraday low of $3,428.5/mt, ultimately closing lower at $3,454/mt, down $12.5/mt or 0.36%. Trading volume decreased to 9,295 lots, while open interest rose by 1,971 lots to 231,000 lots...

[SMM Zinc Morning Meeting Minutes: US-Iran Ceasefire Extended, LME Zinc Rally Continues]: Overnight, LME zinc opened at $3,446/mt. After the opening, LME zinc fluctuated upward throughout the session, dipping to a low of $3,433.5/mt early in the session. Near the close, LME zinc touched a high of $3,491.5/mt, ultimately closing higher at $3,466.5/mt, up $29.5/mt...

[SMM Zinc Morning Meeting Minutes: LME Zinc Ingot Inventory Continued to Decline, Zinc Prices Surged During the Day]: Overnight, LME zinc opened at $3,414.5/mt. After the opening, LME zinc dipped slightly, touching a low of $3,387.5/mt before quickly rising, reaching an intraday high of $3,454.5/mt. LME zinc then fluctuated at highs before pulling back, ultimately closing higher at $3,437/mt...

[Zinc Ingot Imports Surged Beyond Expectations in March — How Will April Trade Flows Unfold?] According to the latest customs data, refined zinc imports in March 2026 totaled 14,400 mt, up 9,900 mt or 220.14% MoM and down 47.53% YoY. Cumulative refined zinc imports from January to March reached 43,000 mt, down 57.32% YoY. Refined zinc exports in March were 4,700 mt, resulting in net exports of 32,500 mt of refined zinc from January to March.