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  On March 25, COMEX copper inventories increased to 93,747 short tons.

• The uncertainty of Trump's tariffs increased, and copper prices continued to rise overnight. [SMM Copper Morning Comment]

• The characteristics of the peak consumption season in the downstream market have not yet emerged, and the zinc price maintained a fluctuating trend. [SMM Zinc Morning Comment]

  【SMM Zinc Morning Comment】US Fed Governor Kugler: Current US Fed policy remains restrictive; Trump is considering a "two-step" strategy for his new tariff policy; Vance may visit Greenland on Friday; The US and Russia-Ukraine agree to ensure navigation safety in the Black Sea; White House: The US and Ukraine agree to ensure safe navigation in the Black Sea, the US commits to facilitating prisoner exchanges; Ministry of Commerce: Will work with relevant departments to introduce targeted measures for departure tax refunds, increase the number of tax refund stores...

• Tariff Disturbances Persist, LME Zinc Records a Barefoot Yang Pillar [SMM Morning Meeting Summary]

  Amid ongoing tariff disturbances, LME zinc recorded a bullish candlestick. Overnight, LME zinc opened at $2,939.5/mt, hitting a low at the opening. Initially, it fluctuated upward, reaching a high of $2,976/mt. During European trading hours, shorts reduced positions, causing SHFE zinc to fluctuate downward. However, LME zinc quickly rebounded towards the end of the session, recovering some losses, and finally closed up at $2,968.5/mt, an increase of $30/mt, or 1.02%. Trading volume rose to 79,506 lots, and open interest increased by 2,093 lots to 226,000 lots.

• Metals Mostly Rose, Copper Futures Continued to Climb to Near Six-Month High, Still Affected by US Tariffs [March 25 LME Close]