[SMM Zinc Morning Comment] Last Friday, SHFE zinc stopped rising and started to fall, with KDJ diverging downward. Ore TCs continued to decline, leading to increased profit pressure on smelters. Zinc prices fluctuated at highs, and subsequent attention should be paid to smelter production conditions.

[SMM Morning Meeting Minutes: Tug-of-War Between Longs and Shorts, Zinc Prices Maintain Range-Bound Trading] Last Friday, LME zinc recorded a small bullish candlestick, with various moving averages below forming support. On the macro front, there are expectations of easing geopolitical conflicts, but inflationary pressure remains significant. The tug-of-war between longs and shorts keeps LME zinc in range-bound trading.

On April 24, 2026, the State Taxation Administration officially released the "Positive and Negative List for Taxpayers' Compliant Invoice Issuance," providing clear and itemized guidance that both better safeguards taxpayers' legitimate rights and promotes the rectification of circular invoicing, mutual invoicing, and invoicing with artificially inflated transaction links

[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...

On March 27, the 2026 SMM (21st) Lead & Zinc Conference and Industry Expo, organized by SMM, wrapped up successfully at Howard Johnson Agile Plaza in Chengdu, Sichuan!

[SMM Morning Meeting Summary: Market Awaits Further Macro Guidance, LME Zinc Fluctuates] Overnight, the LME zinc contract opened at $3,371/mt. At the beginning of the session, bulls reduced their positions, causing LME zinc to fluctuate downward, hitting a low of $3,326.5/mt during the night session. Subsequently, with both bulls and bears active, the price center shifted upward, reaching a high of $3,387/mt toward the end of the session. It ultimately closed down at $3,382/mt, falling by $1/mt, a decline of 0.03%. Trading volume decreased to 7,361 lots, and open interest dropped by 711 lots to 229,000.

Chengdu, China [March 25–27, 2026] — 2026 SMM (21st) Lead & Zinc Conference and Industry EXPO (SMMPbZn), the foremost gathering for the lead and zinc industry, is set to take place from March 25 to 27, 2026, at the Howard Johnson Agile Plaza in Chengdu, China.

During the National Day holiday, SHFE zinc trading was suspended for the holiday, while LME zinc continued to rise to a yearly high. Specifically, after opening, LME zinc quickly climbed above $3,000/mt and then held up well with fluctuations, hitting a new yearly high of $3,048/mt during the period. As of Tuesday's close, LME zinc settled at $3,041.5/mt, with trading volume increasing to 13,813 lots and open interest rising to 223,000 lots compared to pre-holiday levels. As of Tuesday, LME zinc inventory decreased to 38,200 mt, down 2,750 mt from before the holiday, with the reduction mainly coming from Singapore warehouses.

[Bears Continued to Increase Positions, SHFE Zinc Moved Lower]: The most-traded SHFE zinc 2511 contract opened at 21,860 yuan/mt. At the beginning of the session, it touched a high of 21,940 yuan/mt, then fluctuated downward below the daily average line throughout the session. Toward the end, it hit a low of 21,860 yuan/mt and finally closed down at 21,860 yuan/mt, falling by 75 yuan/mt, a decrease of 0.34%. Trading volume increased to 60,245 lots, and open interest rose by 2,484 lots to 142,000 lots.