[SMM Tin Express: Two Departments Support New-Type Performance Venues to Strengthen Innovation and Explore Applications of Virtual Reality, Artificial Intelligence, etc.]

As of February 3, the operating rate of 50 domestic steel mills mainly producing construction materials stood at 39.72%, down 1.1% MoM; the capacity utilization rate was 39.63%, down 2.08% MoM; the daily average production of construction materials was 88,300 mt, down 4,600 mt MoM.

[SMM Lead Morning Meeting Minutes: Weak Supply-Demand Fundamentals Expected to Keep Lead Prices Fluctuating Rangebound in the Short Term] PBOC: Focus on Supporting Key Areas Such as Domestic Demand Expansion, Technological Innovation, and Small and Medium-Sized Enterprises. As the Chinese New Year holiday approaches, upstream and downstream enterprises in the lead industry chain have begun taking holidays one after another. In particular, holidays at downstream enterprises are directly leading to weaker spot lead transactions...

[SMM Morning Meeting Minutes: ADP Data Falls Short of Expectations, LME Zinc Maintains Fluctuating Trend] Overnight, the LME zinc contract opened at $3,332.5/mt. Initially, it surged to a high of $3,360/mt, then fluctuated considerably around the daily average. Entering the night session, LME zinc fluctuated downward, touching a low of $3,293/mt, before rebounding slightly toward the session's close. It ultimately closed down at $3,305.5/mt, falling $17.5/mt, a decline of 0.53%. Trading volume decreased to 83,901 lots, while open interest increased by 471 lots to 233,000 lots.