[SMM Update] According to SMM, as of Thursday (April 30), zinc inventory in the Shanghai Bonded Zone stood at 3,300 mt, flat WoW, with bonded zone inventory unchanged.

[SHFE/LME zinc price ratio rebounded to around 7.1 and oscillated]: This week, the SHFE/LME zinc price ratio rebounded to around 7.1 and oscillated, with the zinc ingot import window remaining closed. Outside China, increased uncertainty over the US-Iran conflict triggered inflation concerns, the US dollar index strengthened, and growing concerns over economic growth weighed on non-ferrous metals, which remained in the doldrums. LME inventory edged up, and LME zinc declined.

[SMM Morning Meeting Minutes: Poor Macro Sentiment, LME Zinc Posted Three Consecutive Losses] Overnight LME zinc posted three consecutive losses, with the daily candlestick center shifting downward and the 40-day average line providing support below. Overnight the US Fed kept interest rates unchanged, the US dollar index strengthened, and market concerns over economic growth intensified. Non-ferrous metals were in the doldrums, LME zinc......

[SMM Zinc Morning Comment] Overnight SHFE zinc recorded a small bearish candlestick, with KDJ diverging downward. Macro instability increased, and on the fundamentals side, weak consumption led to a continued increase in social inventory, suppressing zinc price movements, but...

[SMM Morning Meeting Minutes: Overnight LME Zinc Recorded a Shaven-Head Bearish Candlestick with Daily Candlestick Center Shifting Downward] Overnight LME zinc recorded a shaven-head bearish candlestick, with the daily candlestick center shifting downward and the 5-day moving average forming resistance above. As increased uncertainty over the US-Iran conflict triggered inflation concerns, the US dollar strengthened, non-ferrous metals were overall in the doldrums, and bears

[SMM Morning Meeting Minutes: U.S.-Iran Negotiations Reach Impasse, LME Zinc Center Shifts Lower] Overnight, the LME zinc contract recorded a long upper shadow bearish candlestick, with KDJ diverging downward. The 20-day moving average below provided support. U.S.-Iran negotiations reached an impasse, expectations of escalating conflict rose, base metals were under pressure overall, bulls mainly reduced positions and exited, and the center of zinc prices shifted lower.

[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.

[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...

[Zinc Arrivals in South China Decreased Within the Week] According to SMM, zinc inventory in South China saw a notable decline within the week, mainly due to the coincidence of the "March 3rd" festival holiday within the week, combined with increased factory-pickup shipments from some smelters, which led to reduced arrivals at smelters. On the consumption side, high zinc prices suppressed end-use consumption. Going forward, attention should be paid to inventory performance against the backdrop of enterprise stockpiling ahead of the Labour Day holiday.

[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...