Group 1: Zinc Price Trends - Zinc prices have been under pressure due to weakened market demand and easing supply constraints from zinc mines [1][2] - The fluctuation of U.S. tariff policies has led to a significant drop in zinc prices, reaching a near one-year low [1][3] - The macroeconomic factors influencing zinc prices include U.S. tariff policies and the potential slowdown of the Federal Reserve's interest rate cuts [1][3] Group 2: Supply Dynamics - Overseas mining operations are expected to increase production, while domestic zinc mines experienced a seasonal reduction of 10.04% in Q1 [2] - Zinc concentrate port inventories are projected to remain above 300,000 tons, indicating a loose supply environment [2] - The processing fees for zinc concentrates are anticipated to rise due to increased ore supply, which will enhance smelting profits [2][3] Group 3: Demand Factors - The construction sector has shown weak performance, with cement and asphalt plant operating rates below expectations [3][4] - The automotive sector has exceeded market expectations, but overall demand for zinc remains weak due to trade policy uncertainties [3][4] - The domestic market's ability to support zinc prices is limited, particularly with export restrictions impacting effective demand [4] Group 4: Market Outlook - The zinc market is expected to transition towards a more relaxed supply-demand balance, with a downward trend in zinc prices anticipated in the medium term [5]