[Zinc Ingot Export Window Nearing Opening, Shanghai Spot Premiums Expected to Hold Firm Next Week]: The center of Shanghai spot premiums shifted higher this week, with the weekly average price up 10 yuan/mt WoW. As of this Friday, ordinary domestic brands were quoted at a discount of 60-40 yuan/mt against the 2605 contract, while the premium brand Shuangyan was quoted at a premium of 0-40 yuan/mt against the 2605 contract..

[Galvanizing Plant Operating Rates Rose]: The operating rates of galvanising producers stood at 62.13% this week, up 4.24 percentage points WoW. Raw material side, zinc prices fluctuated at highs throughout the week, with downstream players picking up fewer goods and mainly consuming existing stocks, leading to a decline in zinc ingot inventory at galvanising enterprises.

[SMM Morning Meeting Minutes: Improved Macro Sentiment, LME Zinc Price Center Rose] Overnight, LME zinc opened at $3,400/mt. In early trading, it briefly moved lower and tested below $3,398/mt, then bulls increased open interest, and LME zinc fluctuated upward all the way, hitting above $3,439/mt in the night session. It finally closed up at $3,420.5/mt, up $20.5/mt, a gain of 0.6%. Trading volume fell to 9,595 lots, and open interest increased by 1,972 lots to 219,000 lots.

[Intraday SHFE Zinc Fluctuated at Highs, Export Window Worth Watching]: The most-traded SHFE zinc 2605 contract opened at 23,910 yuan/mt. After the opening, SHFE zinc fluctuated around the daily average line. It touched a high of 24,000 yuan/mt early in the session, then dipped to a low of 23,855 yuan/mt during the session, and finally closed higher at 23,905 yuan/mt, up 5 yuan/mt or 0.02%.

[Zinc Market Update] Recently, overseas zinc prices rose more than domestic prices, and the domestic-to-overseas price ratio continued to deteriorate, drawing increased market attention to the zinc ingot export window. According to SMM estimates, China's zinc ingot import losses exceeded 3,700 yuan/mt today. If losses continue to widen, China's zinc ingot export window may open accordingly.

[SMM Morning Meeting Minutes: Macro Sentiment Improved, LME Zinc Rose] Overnight, LME zinc opened at $3,340.5/mt. At the beginning of the session, LME zinc briefly dipped to a low of $3,336.5/mt. Subsequently, bulls increased their open interest, and LME zinc fluctuated upward throughout the session, reaching a high of $3,414/mt during the night session, ultimately closing up at $3,400/mt, up $60/mt, a gain of 1.8%. Trading volume increased to 12,425 lots, and open interest rose by 1,955 lots to 217,000 lots.

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2605 contract opened at 23,850 yuan/mt, briefly dipping to a low of 23,840 yuan/mt at the start of the session. Bears then reduced their open interest, and the SHFE zinc center shifted upward to a high of 23,970 yuan/mt, ultimately closing higher at 23,900 yuan/mt, up 185 yuan/mt or 0.78%. Trading volume fell to 47,019 lots, and open interest decreased by 1,040 lots to 71,016 lots.

Premiums in the Tianjin region have consistently remained at a discount. How will premiums trend going forward?

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2605 contract opened at 23,750 yuan/mt. At the beginning of the session, it briefly rose to a high of 23,785 yuan/mt. Subsequently, bears increased their open interest, and SHFE zinc fluctuated downward all the way to a low of 23,610 yuan/mt, eventually closing lower at 23,660 yuan/mt, down 130 yuan/mt or 0.55%. Trading volume decreased to 35,832 lots, while open interest increased by 860 lots to 74,221 lots.

[SMM Morning Meeting Minutes: US Dollar Weakened, LME Zinc Edged Up] Overnight, LME zinc opened at $3,325.5/mt. Early in the session, LME zinc fluctuated upward and touched a high of $3,365.5/mt during European trading hours. Subsequently, bears increased open interest, and the LME zinc center shifted downward, hitting a low of $3,314.5/mt during the night session. Bears then reduced open interest, lifting the center, and LME zinc ultimately closed higher at $3,340/mt, up $17/mt, a gain of 0.51%. Trading volume rose to 10,950 lots, and open interest fell by 2,418 lots to 215,000 lots.