[Domestic Demand Remains Weak, SHFE Zinc in the Doldrums]: The most-traded SHFE zinc 2510 contract opened at 22,300 yuan/mt. In early trading, SHFE zinc oscillated around the daily moving average. During the afternoon session, bulls reduced their positions, pushing the price down to 22,230 yuan/mt by the end of the day. It closed with a decline of 25 yuan/mt, or 0.11%, at 22,240 yuan/mt. Trading volume fell to 85,851 lots, and open interest decreased by 568 lots to 110,000 lots.

[The decline in futures center led to increased purchases, and inventories in seven domestic locations decreased] According to SMM communications, as of Thursday (August 21), the total inventory of zinc ingots in seven locations was 132,900 mt, an increase of 3,700 mt from August 14, and a decrease of 2,600 mt from August 18, with domestic inventory decreasing...

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 comment: fundamentals remain weak, zinc fluctuates] overnight, the most-traded shfe zinc 2510 contract opened at 22,300 yuan/mt. at the start of the session, shfe zinc briefly moved up to 22,330 yuan/mt, but then lacked upward momentum, with the center pulling back to a low of 22,245 yuan/mt. it finally closed up at 22,300 yuan/mt, an increase of 35 yuan/mt or 0.16%. trading volume decreased to 38,864 lots, and open interest fell by 571 lots to 110,000 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.

[LME Continues Destocking, SHFE Zinc Rebounds at the End of Trading]: The most-traded SHFE zinc 2510 contract opened at 22,190 yuan/mt. At the beginning of the session, SHFE zinc fluctuated along the daily average. Towards the end, bulls increased positions, pushing the price up to 22,275 yuan/mt. It finally closed down at 22,265 yuan/mt, up 60 yuan/mt or 0.27%. Trading volume increased to 112,000 lots, and open interest rose by 5,418 lots to 111,000 lots.

Zinc prices rose in 2024, with a tight supply in the zinc fundamentals. In 2025, the center of zinc prices pulled back, and the supply fundamentals became more relaxed, marking the beginning of a turning point in the zinc oxide raw material landscape. What specific changes have occurred in the zinc oxide raw material market, and how will it develop going forward?

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%.....

Futures: LME copper opened and hit a high of $9,747/mt overnight, then the price center gradually moved downward, approaching a low of $9,680/mt near the end of the session, and finally closed at $9,684.5/mt, down 0.69%.