[Mixed Bullish and Bearish Factors in the Market, SHFE and LME Zinc Prices Rose] At the beginning of the week, LME zinc continued last week's downward fluctuation trend; subsequently, the US dollar index dropped back slightly from its highs, and LME zinc rose; however, the ongoing escalation of the Middle East conflict, coupled with the renewed strength of the US dollar index, constrained the upside room for zinc prices, and the center of LME zinc gradually pulled back......

[Macro Disturbances Coupled With Rising China Inventory Weighed on the Centers of Both SHFE and LME This Week] At the beginning of the week, Trump stated that the conflict in Iran was basically over, and the US dollar index fell sharply, pushing the center of LME zinc higher; subsequently, market uncertainty intensified, some funds exited, and LME zinc came under pressure......

[SMM Zinc Morning Meeting Minutes: LME Zinc Ingot Inventory Remains Low, LME Zinc Fluctuates at Highs] Overnight, LME zinc opened at $3,387.5/mt, fluctuated upward after opening, touched a high of $3,416.5/mt, then pulled back all the way, approaching the end of the session, LME zinc touched a low of $3,362.5/mt, then rebounded from the low to near the daily average line, and finally closed down at $3,387/mt...

[SMM Zinc Morning Comment: Downstream Yet to Fully Resume Work, SHFE Zinc Maintains Fluctuating Trend] Overnight, the most-traded SHFE zinc 2604 contract opened at 24,590 yuan/mt. After opening, it briefly fluctuated downward, hitting a low of 24,550 yuan/mt before rebounding and reaching a high of 24,715 yuan/mt towards the close. It finally closed down at 24,675 yuan/mt, falling 35 yuan/mt or 0.14%, with trading volume decreasing to 39,861 lots.

[SMM Zinc Morning Meeting Minutes: Base Metals Generally Rise, LME Zinc Center Edges Up Slightly] Overnight, the LME zinc contract opened at $3,360/mt. After opening, it fluctuated upward, reaching a high of $3,431.5/mt near the early session. Subsequently, it continuously pulled back from the high, touching a low of $3,360/mt during the session, then maintained a fluctuating trend below the daily average line, finally closing up at $3,387.5/mt···

[SMM Zinc Morning Comment: Significant Zinc Ingot Inventory Buildup During Chinese New Year, SHFE Zinc Pulls Back in Night Session] Overnight, the most-traded SHFE zinc 2604 contract opened at 24,585 yuan/mt. Initially, SHFE zinc rose slightly to touch a high of 24,710 yuan/mt, then fluctuated and pulled back below the daily average line. During the session, it probed a low of 24,510 yuan/mt and continued to fluctuate at lows, eventually closing down at 24,550 yuan/mt, a decrease of 130 yuan/mt.