According to SMM, the operating rate of copper plate/sheet and strip enterprises stood at 65.63% in July 2025, down 1.11 percentage points MoM and 2.15 percentage points YoY. Among them, the operating rate of large enterprises was 70.19%, that of medium-sized enterprises was 58.77%, and that of small enterprises was 62.62%. 

[SMM Aluminum Morning Meeting Summary: Aluminum Prices Under Pressure at Highs, Awaiting CPI Data Guidance] On the macro front, US Fed officials are increasingly uneasy about the labour market, indicating their openness to an interest rate cut as early as September. Cooling inflation may solidify bets on a rate cut next month, but signs that President Trump's tariffs are fueling price increases could prompt the Fed to hold off for now. In terms of supply, there have been relatively small changes, with production of electrolytic aluminum remaining stable with a slight increase. On the cost side, the total weekly cost for the electrolytic aluminum industry is 16,738 yuan/mt, showing minimal change, and the industry's high profits persist. Focusing on demand, under the influence of the off-season, consumption from terminals to processed materials remains weak. The growth rates of industries such as home appliances and PV, which had strong support in the early stage, have slowed down. Some aluminum terminal export orders have also declined, and the construction industry continues to experience a super-seasonal decline. Social inventory of electrolytic aluminum has surpassed the 550,000 mt mark. Although last week's uneven arrivals caused fluctuations in inventory data, the high aluminum prices amid the off-season may further damage consumption, and the trend of inventory buildup is expected to continue in the short term. Overall, macro tailwinds combined with potential risks in electrolytic aluminum supply have driven aluminum prices to rebound to highs. However, during the consumption off-season, the pressure of inventory buildup remains significant. After the positive sentiment is digested, the center of aluminum prices will pull back somewhat, still facing pressure at the 21,000 yuan/mt mark. Similarly, most processed material enterprises have a relatively high recognition of prices below 20,500 yuan/mt, and their just-in-time procurement capabilities have been somewhat validated at this level.

[SMM Zinc Morning Meeting Summary: Market Continues to Await Inflation Report, Focus on Subsequent Macro Guidance]: Overnight, LME zinc opened at $2,826.5/mt. After opening, LME zinc fluctuated upward, reaching a high of $2,846.5/mt. Subsequently, in the afternoon session, LME zinc fell back from highs and continued to decline, approaching the end of the session, it touched a low of $2,806.5/mt. It ultimately closed down at $2,808/mt, down by $26/mt, or 0.92%, with trading volume increasing to 8,514 lots...

According to SMM, the composite operating rate of the enamelled wire industry in July was 67.25%, down 2.68 percentage points MoM and 0.54 percentage points YoY. By enterprise size, the operating rate of large enterprises was 65.74%, that of medium-sized enterprises was 70.85%, and that of small enterprises was 67.32%.

SMM Analysis：As of August 8, the domestic zinc concentrate processing fee stood at 3,900 yuan/mt (metal content), while the imported zinc concentrate index surged to $82.25/dmt, marking increases of approximately 2,000 yuan/mt (metal content) and $100/dmt, respectively, compared to the beginning of the year. The overall increase has been remarkably significant. Why have imported zinc concentrate processing fees been rising? What is the outlook going forward.....

SMM August 11th news: Recently, the payable indicator of low-grade zinc oxide has continued to rise, reaching a relatively high level in recent years. What are the reasons behind the persistent high prices? What will be the trend in the future market?

SMM Morning Meeting Summary: On Friday evening, LME copper opened at $9,700.5/mt, touching a low of $9,691.5/mt shortly after the opening bell. It then fluctuated upward, reaching a high of $9,780/mt near the close, and finally closed rangebound at $9,768/mt, up 1.01%. Trading volume reached 13,000 lots, and open interest stood at 267,000 lots. On Friday evening, the most-traded SHFE copper 2509 contract opened at 78,420 yuan/mt, trading sideways and touching a low of 78,320 yuan/mt shortly after the opening bell. It then surged straight up near the close, reaching a high of 79,090 yuan/mt, and finally closed at 78,940 yuan/mt, up 0.64%. Trading volume reached 30,000 lots, and open interest stood at 158,000 lots.

[SMM Aluminum Morning Meeting Summary: Social Inventory of Aluminum Ingots Continues to Build Up, Aluminum Prices Under Pressure amid Off-Season Atmosphere] On the macro side, expectations for US Fed interest rate cuts have risen, and macro sentiment remains positive, providing a boost to base metals. The US has imposed a tariff hike on India, while India and Russia have signed a cooperation agreement to deepen cooperation in the aluminum sector, leading to a subtle rise in risk-averse sentiment among investors. In terms of fundamentals, there have been relatively small changes in supply, with the operating production of electrolytic aluminum showing a steady and slight increase. On the cost side, the total weekly cost for the electrolytic aluminum industry is 16,738 yuan/mt, with minimal changes, and the industry's high profits persist. Focusing on the key aspects, demand is currently weakening under the influence of the off-season, with consumption from terminals to processed materials remaining sluggish. The growth rates of industries that previously provided strong support, such as home appliances and PV, have slowed down. Some export orders for aluminum terminals have also declined, and the construction industry is still experiencing a super-seasonal decline. The social inventory of electrolytic aluminum has already surpassed the 550,000 mt threshold. Although last week's uneven arrivals caused fluctuations in inventory data, the high aluminum prices amid the off-season atmosphere may further damage consumption, and the trend of continued inventory buildup in the short term remains unchanged. Overall, the combination of positive macro factors and potential risks in electrolytic aluminum supply has driven aluminum prices to rebound to high levels. However, amid the off-season for consumption, the pressure from inventory buildup remains significant. After the positive sentiment is digested, the center of aluminum prices will pull back, and the 21,000 yuan/mt threshold will still be under pressure. Similarly, most processed material enterprises have a relatively high recognition of prices below 20,500 yuan/mt, and their just-in-time procurement capabilities have been validated to a certain extent at this price level.

[SMM Lead Morning Meeting Summary: Underwhelming Performance in Peak Consumption Season, Lead Prices Under Pressure] The supply and demand in the primary lead market were relatively loose, and suppliers' enthusiasm for shipping goods improved in the first half of August. On the demand side, the traditional peak consumption season for the lead-acid battery market showed underwhelming performance, and downstream enterprises were cautious about increasing production.