Group 1 - The global zinc market is experiencing downward pressure due to increased zinc ore production and a generally bearish outlook on zinc prices, despite low social inventory and some price rebounds around the 21600 level [1] - The trade dispute between the US and other countries has seen a temporary easing, which has improved market sentiment, but the potential impact of tariffs on inflation and the US economy remains a concern [1][2] - Geopolitical tensions in the Middle East have raised concerns about zinc supply disruptions, particularly from Iran, which exports a small percentage of zinc to China [2] Group 2 - Zinc ore processing fees are rebounding, with significant increases in domestic zinc ore supply expected in June due to improved mining conditions and increased imports [3][4] - Domestic zinc smelting plants are showing renewed production enthusiasm as processing fees rise, with expectations of a notable increase in refined zinc output in June and July [4] - Despite weak seasonal demand and some decline in downstream operations, low inventory levels are providing support for zinc prices [5] Group 3 - The overall macroeconomic environment remains uncertain, with global trade dynamics still in flux and domestic policies needing to provide more support [6] - The combination of increased zinc ore supply and uncertain downstream demand suggests that zinc prices will continue to face downward pressure, although there are vulnerabilities in the supply chain that could affect this trend [6]