[smm morning meeting summary: lme zinc market closed for bank holiday domestic shfe zinc records a bearish candlestick] overnight, the lme zinc market was closed for the summer bank holiday. shfe zinc opened at 22,355 yuan/mt. at the beginning of the session, with increased short positions, shfe zinc plunged to a low of 22,260 yuan/mt. subsequently, as long positions increased, the center of shfe zinc prices slightly rose. then, intense competition between bulls and bears caused the price center of shfe zinc to fluctuate rangebound around 22,300 yuan/mt. it finally closed down at 22,295 yuan/mt, a decrease of 100 yuan/mt, or 0.45%. trading volume decreased to 36,289 lots, while open interest increased by 2,542 lots to 108,000 lots...

Futures: Last Friday night, LME copper opened at $9,739/mt, dipped to a low of $9,708/mt in early trading, then fluctuated upward throughout the session, reaching a high of $9,813.5/mt near the close.

[MM Morning Meeting Summary: Powell's "Dovish" Stance Lifts LME Zinc Center] Last Friday, LME zinc opened at $2,774.5/mt. At the beginning of the session, LME zinc fluctuated rangebound near the daily average, hitting a low of $2,763.5/mt. During the European trading hours, bulls increased their positions, causing LME zinc to briefly rise. Subsequently, LME zinc pulled back below the daily average. However, during the night session, LME zinc rose to a high of $2,821.5/mt, then slightly declined towards the end of the session, finally closing up at $2,805.5/mt, an increase of $38.5/mt or 1.39%. Trading volume decreased to 62,909 lots, while open interest increased by 1,465 lots to 193,000 lots.

Futures: LME copper opened at $9,677.5/mt overnight, initially touched a low of $9,673/mt, then the price center gradually moved upward and approached $9,746.5/mt near the end of the session, finally closing at $9,734.5/mt, up 0.14%, with trading volume reaching 10,000 lots and open interest at 264,000 lots.

[Summary of SMM Zinc Morning Meeting: US PMI Hits New High, Interest Rate Cut Expectations Weaken, LME Zinc Declines] Overnight, LME zinc opened at $2,782.5/mt. At the beginning of the session, LME zinc fluctuated around the daily average, reaching a high of $2,790/mt during European trading hours. Subsequently, with an increase in bear positions, LME zinc plunged, pulling back its center, and hit a low of $2,760.5/mt during the night session. It finally closed down at $2,767/mt, a decrease of $19/mt or 0.68%. Trading volume increased to 7,299 lots, and open interest rose by 574 lots to 192,000 lots.

Futures: LME copper opened at $9,679.5/mt overnight, fluctuated rangebound at $9,670.5/mt in early trading, then the center of copper prices gradually moved upward to a high of $9,712/mt, and finally closed at $9,721/mt, up 0.38%, with trading volume reaching 14,000 lots and open interest reaching 263,000 lots.

[smm zinc morning meeting summary: market awaits powell's speech lme zinc center fluctuates upward]: overnight, lme zinc opened at $2,770.5/mt, briefly declining to a low of $2,766/mt at the start of the session. subsequently, lme zinc mainly oscillated around the daily average. as bears reduced positions, lme zinc fluctuated upward, reaching a high of $2,791.5/mt during the night session, and finally closed up at $2,786/mt, an increase of $16/mt or 0.58%. trading volume decreased to 5,765 lots, while open interest fell by 1,495 lots to 191,000 lots.

SMM Analysis：According to the latest customs data, in terms of galvanized sheets, the export volume in July 2025 was 1.1975 million tons. The cumulative export volume from January to July 2025 reached 8.1207 million tons, a year-on-year increase of 12.34% compared with 7.2284 million tons in 2024. Overall, China's galvanized sheet exports in July saw a limited increase compared with June.....

SMM Analysis：According to the latest customs data, 501,400 physical tons of zinc concentrate were imported in July 2025, a month-on-month increase of 51.97% (171,500 physical tons) from June and a year-on-year increase of 33.58%. The cumulative import volume of zinc concentrate from January to July reached 3,035,400 physical tons, with a cumulative year-on-year growth of 45.2%.....