The domestic zinc ingot inventory will be degraded or slowed down, and the weak zinc price pattern is difficult to chang

Logic: LME zinc stock support has weakened, paying attention to the possibility of LME zinc further delivery.

Domestically, with the high smelting profits maintained, the pace of domestic smelting and resumption of production will further advance in May and June, and the domestic supply bottleneck will break through before the middle of the year. At the same time, from the seasonality of consumption, demand has basically peaked in April, and consumption in May and June is facing seasonal downward pressure.

Therefore, in May, the domestic zinc ingot social stocks will be slowed down or slowed down, and may be transferred from the destocking to the depot.

On the macro level, the global economic outlook remains unclear, or there may be some fluctuations in market sentiment. Recently, we continue to pay attention to the progress of China-US trade negotiations.

In addition, this week's LME Asia Annual Meeting was held to track the impact of market sentiment. On the whole, it is expected that the weak zinc price pattern will be difficult to change in the near future, and will continue to be under pressure. At the same time, the near-strong and weak situation of Shanghai zinc futures will continue.