[Zinc Fundamental Trading Logic Amid the Middle East Conflict: Risk Identification and Opportunity Capture] Global geopolitical conflicts have continued unabated, and news of the recent Middle East conflict has emerged frequently. What impact will this have on the zinc industry? This article provides an analysis from both fundamental and market perspectives:

[SMM Morning Meeting Minutes: US Dollar Index Plunged; LME Zinc Center Moved Higher] Overnight, LME zinc opened at $3,313/mt and dipped to $3,282/mt in early trading. It then fluctuated upward, with its center moving higher to a peak of $3,367.5/mt. After entering the European trading session, prices pulled back. During the night session, LME zinc gradually recouped its losses and returned to trade near the daily moving average.

[Weaker Macro Sentiment, SHFE Zinc Center Shifted Lower]: The most-traded SHFE zinc 2604 contract opened at 24,460 yuan/mt. Early in the session, bulls reduced open interest, and SHFE zinc fluctuated downward to a low below 24,300 yuan/mt. As downward momentum proved insufficient, the SHFE zinc center moved higher. It closed down at 24,415 yuan/mt, down 5 yuan/mt, a decline of 0.02%. Trading volume fell to 105,000 lots, while open interest decreased by 5,934 lots to 74,747 lots.

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2604 contract opened higher with a gap at 24,505 yuan/mt, touched a high of 24,525 yuan/mt in early trading, then fluctuated downward to a low of 24,375 yuan/mt as bulls reduced open interest. As bears also reduced open interest, prices rebounded and fluctuated near the daily average line, finally closing up at 24,425 yuan/mt, up 5 yuan/mt, a gain of 0.02%. Trading volume fell to 47,061 lots, and open interest decreased by 3,653 lots to 770.28 million lots.

[SMM Morning Meeting Minutes: Weak Non-Farm Payrolls Data; LME Zinc Posted a Bullish Candlestick] Last Friday, LME zinc opened at $3,240.0/mt and dipped to $3,221.0/mt in early trading. It then saw its center fluctuate upward at a slow pace. After entering the night session, it accelerated higher and touched a high above $3,343.0/mt, finally closing up at $3,323.0/mt, up $93/mt, a gain of 2.88%. Trading volume increased to 121,000 lots, while open interest fell by 516 lots to 219,000 lots.

On March 9, the average SMM battery-grade nickel sulphate price was flat WoW from last Friday.

SMM Nickel News, March 10: Macro and Market Updates: (1) US President Trump: The war has basically ended, and he is considering controlling the Strait of Hormuz; it is “still a long way off” from deploying US ground troops to Iran, and it is too early to talk about seizing Iran’s oil. (2) Russian President Putin and US President Trump held a phone call that day, focusing on the Middle East situation related to Iran and the progress of negotiations on the Ukraine issue. Spot Market: On March 10, SMM #1 refined nickel prices rose by 2,700 yuan/mt from the previous trading day. In terms of spot premiums, the average for Jinchuan #1 refined nickel was 6,650 yuan/mt, down 600 yuan/mt from the previous trading day; the range for domestically mainstream brands of electrodeposited nickel was -300-400 yuan/mt. Futures Market: After the morning open, the most-traded SHFE nickel 2605 contract plunged straight away, hitting a low of 132,000 yuan/mt, then rebounded sharply. As of the morning close, it was quoted at 137,240 yuan/mt, up 0.87%. In the morning session, nickel prices rebounded on news that four Indonesian high-pressure acid leaching (HPAL) nickel plants were forced into a full shutdown due to a landslide accident in February. In the short term, the most-traded SHFE nickel contract price is expected to move sideways within the 130,000-140,000 yuan/mt range.

[SHFE Zinc Center Shifted Higher]: The most-traded SHFE zinc 2604 contract opened at 24,255 yuan/mt. Early in the session, bulls reduced open interest, and SHFE zinc edged lower to test 24,160 yuan/mt. Subsequently, bears reduced open interest, lifting the center of SHFE zinc. It touched a high and finally closed up at 24,420 yuan/mt, up 160 yuan/mt, a gain of 0.66%. Trading volume increased to 161,000 lots, while open interest fell by 4,635 lots to 80,681 lots.

[SMM Chrome Daily Commentary: Quotes Rose Steadily, Strong Support at the Bottom] News on March 10, 2026: Both ferrochrome and chrome ore quotes rose slightly……

SMM News on March 10: During the day, the most-traded SHFE lead 2604 contract opened at 16,710 yuan/mt. In early trading, the price edged down slightly before fluctuating higher and then pulling back again. During the session, SHFE lead prices fluctuate rangebound within 16,670-16,690 yuan/mt. Affected by weak downstream consumption recovery and persistently sluggish spot transactions at smelters, lead prices rebounded slightly in the afternoon before coming under pressure. Near the close, SHFE lead prices settled at the day’s low of 16,650 yuan/mt. A bearish candlestick without a lower shadow was recorded, down 90 yuan/mt, or 0.54%. After the Lantern Festival, domestic smelters accelerated the pace of resuming operations, but downstream consumption sentiment remained weak. Spot shipments stayed at low levels, and inventories at some enterprises remained persistently high. SMM expects that lead prices will maintain a fluctuating trend in the short term. Data Source Statement: Except for public information, all other data are processed by SMM based on public information and market communication, and generated relying on SMM’s internal database models. They are for reference only and do not constitute decision-making advice.