SMM Analysis：As the National Day and Mid-Autumn holidays approach, SMM conducted a survey on the operational status of downstream galvanized sheet enterprises during the holiday. This survey covered 20 galvanized sheet enterprises with a total capacity of 17.82 million mt. According to the survey results, most enterprises maintained normal production during the National Day holiday.....

[Zinc Ingot Inventory Continues to Decline, SHFE Zinc Edges Up Slightly]: The most-traded SHFE zinc 2511 contract opened at 21,995 yuan/mt. At the beginning of the session, it dipped to a low of 21,920 yuan/mt. After opening, SHFE zinc fluctuated upward above the daily average line, touching a high of 22,055 yuan/mt toward the end of the session, and finally closed up at 22,045 yuan/mt...

[SMM Zinc Morning Meeting Minutes: LME Continues Destocking, LME Zinc Center Rises Upward]: Overnight, LME zinc opened at $2,893/mt. After opening, LME zinc fluctuated rangebound around the daily average line. Entering the night session, it rose rapidly, approaching the high of $2,945/mt near the close, then dropped back slightly, finally settling up at $2,922.5/mt···

[SMM Zinc Morning Comment: SHFE Zinc Rebounds From Low Levels, Subsequent Consumption Performance Warrants Attention] Overnight, the most-traded SHFE zinc 2511 contract opened at 21,935 yuan/mt. At the beginning of the session, SHFE zinc fluctuated rangebound and touched a low of 21,895 yuan/mt, then gradually fluctuated upward, reaching a high of 22,000 yuan/mt during the period. Approaching the end of the session, SHFE zinc shifted back to a fluctuating trend, finally closing up at 21,995 yuan/mt...

[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···