[July 25 SMM Zinc data]

[SMM zinc morning comment] Last Friday, SHFE zinc was closed due to the Mid-Autumn Festival holiday.

[SMM Morning Meeting Summary: LME Zinc Rose Before Falling, Recording a Bearish Candlestick] Last Friday, LME zinc opened at $3,957/mt. After the open, LME zinc rose to touch a high of $3,989.5/mt, then moved lower, falling below the daily average line. Near the end of the session, it dipped to $3,889/mt, ultimately closing down at $3,893.5/mt, a decrease of $71.5/mt, or 1.80%. Trading volume decreased to 10,062 lots, while open interest increased by 2,097 lots to 264,100 lots......

NewPhotonics and Tower Semiconductor announced high-volume shipments of laser-integrated optical engines for AI infrastructure. The 800G and 1.6T PICs use Tower’s PH18DA silicon-photonics platform with heterogeneously integrated InP components, enabling lasers, SOAs, modulators and photodetectors on one chip. Volume shipments of 6.4T NPO chipsets are planned for H1 2027. SMM believes this signals that AI optical-interconnect demand is translating into InP device demand, supporting high-purity indium consumption. However, shipment volumes and InP intensity were not disclosed, so the near-term indium uplift cannot yet be quantified.