[Bears Continued to Increase Positions, SHFE Zinc Moved Lower]: The most-traded SHFE zinc 2511 contract opened at 21,860 yuan/mt. At the beginning of the session, it touched a high of 21,940 yuan/mt, then fluctuated downward below the daily average line throughout the session. Toward the end, it hit a low of 21,860 yuan/mt and finally closed down at 21,860 yuan/mt, falling by 75 yuan/mt, a decrease of 0.34%. Trading volume increased to 60,245 lots, and open interest rose by 2,484 lots to 142,000 lots.

[SMM Zinc Morning Meeting Minutes: LME Zinc Fluctuates at Lows Awaiting Macro Guidance] Overnight, the LME zinc contract opened at $2,902.5/mt. Initially, it touched a high of $2,904.5/mt, then fluctuated downward throughout the session. After hitting a low of $2,852/mt, it rebounded above the daily average line, ultimately closing down at $2,289.5/mt···

[SMM Zinc Morning Comment: Consumption Pressure Persists, SHFE Zinc in the Doldrums] Overnight, the most-traded SHFE zinc 2511 contract opened at 21,895 yuan/mt. After opening, SHFE zinc quickly rose to a high of 21,985 yuan/mt, then fluctuated around the daily average, and finally closed up at 21,935 yuan/mt...

[SHFE Zinc Continued to Decline, Focus on Subsequent Zinc Ingot Export Window]: The most-traded SHFE zinc 2511 contract opened at 21,930 yuan/mt. In early trading, SHFE zinc touched a high of 22,045 yuan/mt. After opening, zinc prices fluctuated and declined all the way, hitting a low of 21,820 yuan/mt towards the end of the session. It finally closed down at 21,845 yuan/mt, falling 190 yuan/mt, a decrease of 0.86%. Trading volume increased by 40,543 lots to 82,937 lots, and open interest rose by 9,627 lots to 140,000 lots.

SMM Analysis：According to the latest customs data, galvanized sheet exports in August 2025 reached 1.0975 million mt, with cumulative exports from January to August totaling 9.2182 million mt, up 10.96% YoY from 8.3074 million mt in the same period of 2024. Overall, domestic galvanized sheet exports in August saw a slight decline from July, aligning with prior market expectations.....

[SMM Zinc Morning Meeting Minutes: High Concentration of LME Funds, LME Zinc Decline Temporarily Halted]: Overnight, the LME zinc contract opened at $2,895.5/mt. After opening, it fluctuated upward gradually, reaching a high of $2,934/mt during the night session. Subsequently, it pulled back rapidly from the high. Approaching the end of the session, it touched a low of $2,888.5/mt before rebounding slightly, finally closing up at $2,900/mt···

[SMM Zinc Morning Comment: Fundamentals Continue to Weigh on SHFE Zinc, Maintaining Fluctuating Trend] Overnight, the most-traded SHFE zinc 2511 contract opened at 22,080 yuan/mt. Initially, it touched a high of 22,095 yuan/mt, then fluctuated downward below the daily average line, hitting a low of 21,985 yuan/mt during the session before slightly rebounding. It finally closed down at 22,035 yuan/mt, falling 55 yuan/mt, a decrease of 0.25%...

SMM Analysis：According to the latest customs data, China imported 567,300 mt in physical content of zinc concentrates in August 2025, down 6.8% MoM (34,100 mt in physical content) but up 30.06% YoY. Cumulative imports from January to August totaled 3.5027 million mt in physical content, up 43.06% YoY.....

[Pre-holiday stockpiling consumption provides support, SHFE zinc rebounds from lows]: The most-traded SHFE zinc 2511 contract opened at 21,930 yuan/mt, touched a low of 21,925 yuan/mt early in the session, then fluctuated upward throughout the session, hitting a high of 22,095 yuan/mt near the close, and finally settled at 22,090 yuan/mt, up 185 yuan/mt or 0.84%. Trading volume increased to 77,029 lots, while open interest decreased by 5,675 lots to 130,000 lots.

[SMM Zinc Morning Meeting Minutes: US Dollar Index Rises, LME Zinc Continues to Decline] Last Friday, the LME zinc contract opened at $2,917/mt. During the early session, LME zinc fluctuated at highs, reaching a peak of $2,926/mt. Subsequently, it declined steadily throughout the afternoon session, hitting a low of $2,878/mt during the night session. Toward the end of the session, LME zinc recovered slightly, ultimately closing down at $2,898.5/mt···