SMM Analysis：As of September 10, LME zinc inventory dropped to around 50,000 mt, hitting a low since June 2023, while the LME zinc 0-3 premium expanded to $23.01/mt. Amid "squeeze" risks, LME zinc prices continued to rise since late August. However, domestic zinc inventory kept accumulating, and SHFE zinc remained in the doldrums due to the surplus logic. The SHFE/LME price ratio weakened again, significantly narrowing China's zinc export losses. Market attention on the zinc export window gradually increased.....

SMM Analysis: According to SMM, China's copper foil enterprises recorded an operating rate of 78.44% in August 2025, up 1.17 percentage points MoM and 9.71 percentage points YoY...

According to SMM, the operating rate of copper plate/sheet and strip producers stood at 65.87% in August 2025, edging up 0.25 percentage points MoM but down 5.36 percentage points YoY. Specifically, the operating rates were 70.32% for large enterprises, 59.29% for medium-sized enterprises, and 62.69% for small enterprises.

According to SMM, the comprehensive operating rate of the enamelled wire industry in August was 66.55%, down 0.7 percentage points MoM and 1.13 percentage points YoY. By enterprise size, the operating rates were 64.39% for large enterprises, 70.89% for medium-sized enterprises, and 68.94% for small enterprises.