Futures market: LME copper opened at $9,871.5/mt overnight, fluctuated upward initially before plunging to $9,858.5/mt, then gradually rebounded to a high of $9,923/mt, finally closing at $9,898/mt, up 0.31%, with trading volume at 13,000 lots and open interest at 266,000 lots.

[SMM Morning Comment on Zinc] SHFE zinc recorded a five-day winning streak overnight, with the KDJ indicator expanding upwards. The optimistic sentiment in the overnight market continued to ferment...

[SMM Morning Meeting Summary: Optimistic sentiment has not faded yet, with zinc prices fluctuating at highs] Overnight, LME zinc recorded a four-day winning streak, and the center of the daily candlestick moved up. Affected by the escalation of trade tensions and the conflict between the White House and the US Fed, the US dollar continued to decline, with non-ferrous metals generally rising, and...

The most-traded SHFE zinc 2509 contract opened at 22,835 yuan/mt.

SMM Analysis：According to the latest customs data, in terms of galvanized sheet, China's galvanized sheet exports in June 2025 reached 1.1312 million mt, with cumulative exports from January to June 2025 totaling 6.9232 million mt, representing a 12.23% YoY increase compared to the 6.1687 million mt exported in the same period of 2024. Overall, domestic galvanized sheet exports in June remained basically flat compared to May.....

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%...