[SMM Zinc Morning Comment] Last Friday, SHFE zinc recorded a long upper shadow bearish candlestick, with the upper Bollinger Bands exerting pressure from above and various moving averages providing support below. The upward shift in SHFE zinc's center last Friday was mainly due to...

[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.

[Tug-of-War Between Longs and Shorts Continued, SHFE and LME Prices Fluctuated Upward] At the beginning of the week, boosted by optimistic sentiment over the easing of earlier geopolitical tensions, LME zinc edged up. Subsequently, as expectations for U.S.-Iran peace talks wavered and the Strait of Hormuz faced renewed restrictions, market concerns intensified, and LME zinc struggled to rise and continued to pull back.

[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 Comment: Zinc Ingot Inventory Increased on Monday, SHFE Zinc Maintained Fluctuating Trend] The most-traded SHFE zinc 2606 contract opened at 24,150 yuan/mt. After the opening, SHFE zinc fluctuated upward, touching a high of 24,270 yuan/mt in the early session. It then pulled back continuously from the high, probing a low of 24,135 yuan/mt near the end of the session, and finally closed lower at 24,180 yuan/mt, down 25 yuan/mt, a decline of 0.1%.

[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..

[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.

The short-term fundamentals of zinc remain unclear, with attention focused on macro guidance. Macro-wise, the US is expected to impose additional tariffs on copper imports, leading to a significant surge in copper prices and driving up non-ferrous metal prices. However, the subsequent imposition of a 25% tariff on imported cars by the US, along with the anticipated implementation of reciprocal tariffs on April 2, has raised concerns about a global manufacturing slowdown, resulting in a decline in market risk appetite and putting pressure on non-ferrous metal prices.