Latest Update in the SMM Zinc Market

Guangdong Zinc: Futures Market Declined, Market Transactions Improved. The mainstream transaction price of Guangdong 0# zinc ranged from 23,915 to 23,690 yuan/mt. The mainstream brands quoted a discount of 25 yuan/mt against the 2505 contract and a spot discount of 10 yuan/mt against Shanghai spot cargo. The Shanghai-Guangdong price spread remained...

【Tianjin Zinc: Zinc Prices Pull Back, Market Transactions Improve Compared to Yesterday】: In the Tianjin market, the mainstream transactions of #0 zinc ingot were at 23,670-23,930 yuan/mt, Zijin transactions were at 23,790-23,980 yuan/mt, #1 zinc ingot transactions were around 23,590-23,770 yuan/mt, Huludao was quoted at 27,150 yuan/mt, #0 zinc ordinary was quoted at a discount of 40 to a premium of 50 yuan/mt against the 2504 contract, Zijin was quoted at a premium of 80-100 yuan/mt against the 2504 contract, and the Tianjin market was quoted at a discount of 10 yuan/mt against the Shanghai market.

Shanghai Zinc: Futures Market Declined MoM, Limited Improvement in Transactions. Today, the mainstream transaction prices of 0# zinc were concentrated at 23,700-23,910 yuan/mt, while Shuangyan traded at 23,770-23,960 yuan/mt. The mainstream transaction prices of 1# zinc were at 23,630-23,840 yuan/mt. In the morning session, the market quoted a premium of 0-10 yuan/mt against the average price, with fewer quotes against the futures market.

Ningbo Zinc: Premiums Remain Stable, Attention on Subsequent Market Arrivals. The transaction price of mainstream brand 0# zinc in the Ningbo market is around 23,750-23,930 yuan/mt. The premium of regular brands in Ningbo against the 2504 contract is 30 yuan/mt, and the premium against Shanghai spot cargo is 40 yuan/mt. Mainstream brands in Ningbo are quoting against the 2504 contract...

Overnight, LME copper opened at $9,833/mt, reaching a high of $9,872/mt and a low of $9,808/mt, closing at $9,846.5/mt.

【SMM Zinc Morning Comment】US initial jobless claims were lower than expected. The Premier of Ontario, Canada, stated that the US will grant full or partial tariff exemptions for Canadian automobiles. The EU plans to target US service exports, including major tech companies. The South Korean government will announce emergency measures for automakers in April. Brazilian President Lula announced that retaliatory tariffs will be imposed on US products. Two departments: The offshore trade stamp duty preferential policy will continue. The Deputy Governor of the Central Bank: RRR cuts and interest rate cuts will be implemented based on domestic and overseas economic and financial conditions.

The Job Market Remains Resilient as LME Zinc Fluctuates Downward. Overnight, LME zinc opened at $2,954.5/mt, initially fluctuating around the daily average line, reaching a high of $2,958.5/mt. As European trading hours began, bulls reduced their positions in SHFE zinc, causing it to fluctuate downward below the daily average line. By the end of the session, it touched a low of $2,893/mt and closed at $2,898/mt, down $54/mt, a decrease of 1.83%. The trading volume increased to 86,561 lots, while the open interest decreased by 622 lots to 225,000 lots.