As of March 31, the most-traded SHFE zinc contract closed at 23,480 yuan/mt, up 1,230 yuan/mt for the month, with a decline of 4.98%. Zinc prices plunged in March, briefly climbing to a high of 24,955 yuan/mt at the beginning of the month and falling to a low of 22,350 yuan/mt in the middle of the month, with the overall price center moving down significantly. After zinc prices plunged in March, how will they move in April?

As of February 12, 2026, LME zinc ingot inventory continued to decline to 103,500 mt, while the LME Cash-3M contango narrowed from over $40/mt in January to below $20/mt. At the same time, due to the Chinese New Year holiday, many downstream zinc enterprises suspended operations, leading to a continued buildup in domestic zinc ingot inventory to over 160,000 mt.

[Supply and Demand Both Weak in Fundamentals, SHFE Zinc Maintains Fluctuating Trend]: The most-traded SHFE zinc 2603 contract opened at 24,950 yuan/mt, initially rose to a high of 25,240 yuan/mt, then pulled back below the daily average line, touched a low of 24,735 yuan/mt during the session, and subsequently rebounded again, finally closing up at 24,960 yuan/mt, an increase of 70 yuan/mt.

SMM Analysis：As of January 30, the most-traded SHFE zinc contract closed at 25,835 yuan/mt, up 2,525 yuan/mt for the month, a gain of 10.83%. Zinc prices rose significantly in January, hitting a low of 23,410 yuan/mt early in the month and reaching a high of 26,985 yuan/mt by month-end, with the overall price center shifting notably higher. With the Chinese New Year holiday approaching, how will zinc prices perform in February......

Overnight, LME copper opened at $9,566.5/mt, dipping to a low of $9,557.5/mt shortly after the opening bell.

[SMM Morning Comment on Zinc: Supply-Side Pressure Weighs on Zinc Prices, SHFE Zinc Maintains Fluctuating Trend] Overnight, LME zinc opened at $2,692/mt. After opening, LME zinc declined all the way, reaching a low of $2,658/mt before rebounding and rising. It hit a high of $2,711.5/mt at the end of the session, closing up at $2,711.5/mt, up $18.5/mt, or 0.69%. Trading volume decreased to 11,422 lots, while open interest fell by 64 lots to 213,000 lots...

[SMM Zinc Morning Meeting Summary: Tariff Uncertainty Resurfaces, LME Zinc Rally Halts]: Overnight, LME zinc opened at $2,692/mt. After opening, LME zinc trended downward, reaching a low of $2,658/mt before rebounding and rising, hitting a high of $2,711.5/mt at the close. It ultimately closed up at $2,711.5/mt, gaining $18.5/mt, or 0.69%. Trading volume decreased to 11,422 lots, while open interest fell by 64 lots to 213,000 lots···

SMM Analysis:During the domestic Labour Day holiday, LME zinc exhibited a slight rebound from a low position. Multiple daily moving averages continued to suppress the daily candlestick of LME zinc. After opening, LME zinc maintained a fluctuating trend, reaching a low of $2,571/mt before rising steadily.....

[SMM Analysis: Review of the Zinc Market During the 2025 Labour Day Holiday and Outlook After the Holiday] During the domestic Labour Day holiday, LME zinc exhibited a trend of slight rebound from a low position. The daily moving averages above continued to suppress the daily candlestick of LME zinc. After the opening, LME zinc maintained a fluctuating trend, dipping to a low of $2,571/mt before rising steadily. The overall price center rebounded somewhat. By the close on Friday, LME zinc ultimately closed up at $2,615/mt, an increase of $34.5/mt compared to the level before the holiday...

SMM Analysis:In May, SMM's domestic monthly zinc concentrate TCs rose by 50 yuan/mt MoM to 3,500 yuan/mt, while the monthly TCs for imported zinc concentrate increased by $5/dmt to $45/dmt. The current period coincides with the peak negotiation period for domestic zinc concentrate TCs in May.....