Latest news from Shanghai this morning relating to...

Latest news from Shanghai this morning relating to Zinc/Copper/Lead: SMM Morning Comments (Apr 1)
https://news.metal.com/newscontent/100885645/smm-morning-comments-apr-1/

Copper:
Three-month LME copper climbed to a six-day high of $6,499.5/mt on Friday before it closed the trading day close to 1.7% higher at $6,473.5/mt. The increase in LME copper drove shorts in Shanghai to cut positions, and sent the most traded SHFE May contract to open higher at 49,200 yuan/mt on Friday night, which traded rangebound to end the session at 49,140 yuan/mt. US-China trade optimism, higher US crude prices and China factory activity recovery are set to bolster copper prices. LME copper is expected to trade at $6,500-6,550/mt today with SHFE copper at 49,400-50,000 yuan/mt. Spot prices are seen at discounts of 30 yuan/mt to premiums of 120 yuan/mt as the lower value-added taxes take effect today.

Zinc:
Three-month LME zinc hit a nine-month high of $2,939/mt on Friday before it pared some earlier gains to end the trading day 1.6% higher at $2,913/mt. With optimistic fundamentals and positive developments on the macroeconomic front, LME zinc is expected to move at highs today, with a trading range of $2,900-2,950/mt after a higher open. The most active SHFE May contract refreshed this year’s high at 23,020 yuan/mt on Friday night, on report that China will slash banks' reserve requirements again in early April. The contract later lost most of those gains to end at 22,755 yuan/mt as investors took profits at highs and as the central bank defied the report. With a strong LME counterpart, SHFE zinc is expected to strengthen and trade at 22,600-23,100 yuan/mt today.

Lead:
Three-month LME lead came off from the week’s high of $2,042/mt to finish the trading day marginally higher at $2,015/mt on Friday, suggesting limited upward momentum in LME lead. With bearish short- and medium-term moving averages, LME lead is likely to end its uptrend if the US dollar continues to climb. Earlier gains in LME lead bolstered its SHFE counterpart to a high of 16,910 yuan/mt on Friday night before the SHFE most traded May contract fell to end 0.57% higher at 16,835 yuan/mt. Short-covering primarily accounted for Friday night’s gains in SHFE lead, while limited buildup of long positions suggested little steam in the metal.