[SMM Morning Meeting Summary: LME Inventory Increased by 20kt, LME Zinc Came Under Pressure] Overnight, LME zinc opened at $3,277/mt. In early trading, LME zinc briefly rose to a high of $3,293/mt before bulls reduced open interest, sending LME zinc fluctuating downward throughout the session and touching a low of $3,210/mt during the night session. The center then rebounded slightly, and it finally closed down at $3,233/mt, down $46/mt, a decrease of 1.4%, with trading volume increasing to 13,404 lots and open interest falling by 3,868 lots to 214,000 lots.

Recently, the National Development and Reform Commission issued the "Resolution on the Approval of the Hami-Dunhuang Third 750 kV Line Project", officially approving the Hami-Dunhua Third 750kV Line Project in Xinjiang. The implementation of the project is of great significance for improving the main network structure of the northwest power grid, strengthening the interconnection capacity of the power grid in Gansu and Xinjiang, and improving the level of new energy consumption in Xinjiang. According to the previous environmental impact assessment information, the total static investment of the project is 1350.9 million yuan, and it is planned to be completed in March 2027.

Zheng Shanjie, Director of the National Development and Reform Commission (NDRC), noted that the NDRC will work in coordination with the Ministry of Commerce, MIIT, and other relevant departments to roll out a series of policies to expand capacity and improve quality, fully unleashing the enormous potential for high-quality development in the services sector. Looking ahead to the 15th Five-Year Plan period, the scale of the services sector is expected to achieve a new breakthrough, reaching a new level of over 100 trillion yuan. Meanwhile, efforts will continue to advance the BeiDou large-scale application program, with a focus on promoting the vigorous development of the BeiDou industry, striving to push the industry’s scale past the 1 trillion yuan threshold within five years.

The National Development and Reform Commission (NDRC) Price Monitoring Center stated that since September 2025, due to "explosive" growth in demand and a "cliff-like" shortage in capacity, the global memory market gap has widened, with prices for memory chips continuously rising. In the past month or so, the rate of increase has shown an expanding trend, and it is recommended to pay attention to the impact of memory chip prices on downstream prices. Surveys indicate that as of January this year, the prices of the two main products in the memory chip sector, DRAM and NAND flash, have reached their highest levels since 2016 when data became available. Taking mainstream models as an example, the average contract price for DRAM (DDR4 8Gb 1G*8) in January was $11.5, up about 24% from the previous month and approximately 83% higher than in September 2025; the average contract price for NAND flash (128Gb 16G * 8MLC) was $9.5, up around 65% from the previous month and nearly 1.5 times higher than in September 2025.

[SMM Tin Midday Review: Macro Expectations Tug-of-War; the Most-Traded SHFE Tin Contract Fluctuated at Highs Before Dropping Back Slightly]

[National Development and Reform Commission (NDRC): Accelerate the Elimination of Outdated and Inefficient Capacity in Industries Such as Steel] On May 20, the NDRC held a press conference for May. Li Chao, Deputy Director of the Policy Research Office of the NDRC and spokesperson for the Commission, stated that the NDRC, in response to the crux of cut-throat competition issues, has implemented industry-specific measures to address the root causes, resolve structural imbalances in key industries, and promote the healthy development and upgrading of industries. Specifically, firstly, it adheres to innovation-led development, accelerates industrial transformation and upgrading, strengthens the dominant position of enterprises in scientific and technological innovation, supports enterprises in improving product quality and core competitiveness through scientific and technological innovation, increases the supply of high-end capacity and high-quality products, continuously explores diversified markets, and enhances development resilience. Secondly, it strengthens local binding constraints and eliminates local protectionism and market segmentation. Thirdly, it optimizes industrial layout and curbs the expansion of outdated capacity. Fourthly, it strengthens market supervision and takes strong measures to rectify market chaos characterized by poor quality and low prices.