[Slight Increase in Social Inventory This Week Due to Delayed Arrivals and Increased Purchases] According to SMM's communication and understanding, as of Monday this week (July 31), the total zinc ingot inventory across seven locations tracked by SMM was 103,200 mt, an increase of 4,900 mt from July 24 and a decrease of 500 mt from July 28, with a slight decline in domestic inventory...

Futures market: LME copper opened at $9,626/mt overnight, initially climbed to a high of $9,665/mt, then fluctuated downward to hit a low of $9,580.5/mt during the session, and maintained rangebound fluctuations before finally closing at $9,607/mt, down 1.26%, with trading volume reaching 47,000 lots and open interest at 271,000 lots.

[SMM Zinc Morning Meeting Summary: US June PCE Index Exceeds Expectations, LME Zinc Fluctuates Downward]: Overnight, LME zinc opened at $2,779/mt, initially reaching a high of $2,805/mt, before fluctuating downward along the daily average line. It touched a low of $2,742/mt near the end of the session, closing at $2,762/mt, down $33.5/mt or 1.2%. Trading volume increased to 11,799 lots, while open interest rose by 1,164 lots to 190,000 lots...

Futures market: Overnight, LME copper opened and touched a high of $9,751/mt, then fluctuated downward throughout the session, nearing a low of $9,676/mt before finally settling at $9,730/mt, down 0.74%.

[SMM Zinc Morning Meeting Summary: US Economic Data Exceeds Expectations, LME Zinc Falls Slightly]: Overnight, LME zinc opened at $2,810/mt. In the early session, LME zinc briefly oscillated, reaching a high of $2,818/mt, before steadily declining along the daily average line. Near the close, LME zinc touched a low of $2,782/mt, ultimately closing down at $2,795.5/mt, a fall of $19/mt or 0.68%...

Futures market: Overnight, LME copper opened at $9,830.5/mt, initially touched a high of $9,856.5/mt, then fluctuated downward, nearing the session end to hit a low of $9,759/mt before a slight rebound to close at $9,796/mt, down 0.34%.

Futures market: On Friday night, LME copper opened at $9,818.5/mt, initially fluctuating at highs and touching $9,852.5/mt during the session, then fluctuating downward throughout, nearing the session end to touch a low of $9,766.5/mt before a slight rebound at the close to settle at $9,796/mt, down 0.59%, with trading volume at 12,000 lots and open interest at 270,000 lots.

SMM Analysis：Against the backdrop of drastic changes in the zinc supply-demand pattern and rapid expansion of smelting capacity, zinc price volatility risks have intensified. As one of the primary trading hubs for spot zinc, Shanghai attracts significant market attention. To help industry participants more accurately gauge the pulse of the zinc market and stay informed about real-time trading dynamics, SMM's zinc research team has launched the "Shanghai Zinc Ingot Procurement and Sales Sentiment Index," which is updated daily to provide quantifiable, traceable, and early-warning data references for industry chain clients......

SMM Analysis：In recent years, zinc mine and smelting capacity has expanded rapidly. To better understand changes in the zinc industry's supply-demand pattern and predict price trends, the SMM zinc research team has meticulously developed an upstream inventory system. This system covers multiple critical aspects, including zinc ore inventory, zinc smelting raw material inventory, and zinc ingot finished product inventory, providing industry participants with a more comprehensive and precise inventory monitoring framework.....

Futures market: LME copper opened at $9,940/mt (the session high) overnight, then fluctuated downward with the price center gradually declining to touch a low of $9,848/mt before closing at $9,854.5/mt after considerable fluctuations, down 0.8%.