Futures market: LME copper opened at $9,851/mt overnight, fluctuated downward to test the low of $9,841/mt at the beginning of the session, then the center of copper prices moved straight up to probe $9,871/mt, followed by considerable fluctuations before finally closing at $9,867/mt, up 0.74%, with trading volume at 14,000 lots and open interest at 266,000 lots.

[SMM Morning Comment on Zinc] Overnight, SHFE zinc recorded a doji, with various moving averages below providing support. Driven by LME zinc overnight, SHFE zinc fluctuated at highs, with zinc prices filling the previous gap, but...

[SMM Morning Meeting Summary: Ratio of cancelled warrants for LME zinc increases to over half, zinc price hits nearly four-month high] Overnight, LME zinc recorded a long upper shadow bullish candlestick, with the upper track of the Bollinger Bands providing support below. Overnight, LME zinc hit a nearly four-month high, primarily due to a sharp increase in cancelled warrants for LME zinc to 59,900 mt, with the ratio of cancelled warrants increasing to over half...

SMM Analysis：According to the latest customs data, in June 2025, 330,000 mt (metric tons) of zinc concentrates were imported, down 32.87% MoM from May (161,600 mt), and up 22.42% YoY. From January to June, the cumulative import volume of zinc concentrates reached 2.5339 million mt, up 47.74% YoY.....

[Favourable macro front sentiment persists, SHFE zinc holds up well]: The most-traded SHFE zinc 2509 contract opened at 22,880 yuan/mt. After opening, SHFE zinc fluctuated rangebound above the daily average line, hitting a low of 22,825 yuan/mt in the early session and a high of 22,945 yuan/mt during the session. It eventually closed higher at 22,925 yuan/mt, up 45 yuan/mt or 0.2%...

Futures market: LME copper opened at $9,729/mt last Friday night, initially fluctuating rangebound and testing the low of $9,710/mt before gradually moving higher and probing $9,799/mt near the session close, eventually settling at $9,794.5/mt, up 1.2%.

[SMM Morning Comment on Zinc] Last Friday, LME zinc recorded a large bullish candlestick, and the MACD also turned bullish. Last Friday, the US dollar index pulled back, and non-ferrous metals generally rose. The LME 0-3 zinc contract once again turned into a backwardation structure...

[SMM Morning Meeting Summary: Increased Capital Concentration, Zinc Prices Lead the Gains] Zinc prices showed a strong upward trend last Friday, driven by an increase in overseas capital concentration. Additionally, the Ministry of Industry and Information Technology (MIIT) proposed that work plans for stabilizing growth in ten key industries, including steel, non-ferrous metals, and petrochemicals, are expected to be introduced soon...

The SMM Imported Zinc Concentrate Index for this week is $73.75/dmt, with a 10.94% WoW increase. The SMM Imported Lead Concentrate average spot TC for this week is $-55/dmt, flat from the previous week's figure......

[Macro sentiment generally positive, SHFE zinc records a bullish candlestick] The most-traded SHFE zinc 2509 contract opened at 22,360 yuan/mt. After the opening, bears increased their positions, causing SHFE zinc to decline continuously below the daily average line. Near the end of the trading session, bulls increased their positions, enabling SHFE zinc to recover some of its losses. It ultimately closed higher at 22,295 yuan/mt, up 175 yuan/mt or 0.79%. Trading volume increased to 151,000 lots, and open interest rose by 11,470 lots to 116,000 lots.....