[SMM Tin Morning Brief: September Rate Hike Probability Plunges to 22% Low Inventory + Easing Trade Dual Drivers Revive]

[Divergence over Middle East situation persists, short-term aluminum prices to hold up well] Overall forecast, divergence over the Middle East situation persists, the US Fed did not raise interest rates in July, but its overall stance remains hawkish, the fundamental deficit continues, aluminum ingot inventory keeps destocking, and short-term aluminum prices are expected to consolidate on a strong note.

[SMM Zinc Morning Comment: LME Drags SHFE Zinc Down] Last Friday, the most-traded SHFE zinc 2609 contract opened at 25,705 yuan/mt. In early trading, SHFE zinc briefly rose to a high of 25,730 yuan/mt, before bulls reduced positions and SHFE zinc declined, hitting a low of 25,485 yuan/mt at the end of the session, and finally closed down at 25,505 yuan/mt, down 440 yuan/mt, a decline of 1.7%. Trading volume fell to 88,818 lots, while open interest decreased by 5,768 lots to 125,000 lots.

[SMM Morning Meeting Minutes: Hard Supply Gap Supports Floor Price, Macro Swings Dominate Short-Term Pace]

[SMM Lead Morning Meeting Summary: Delivery-Driven Inventory Buildup Puts Pressure on Short-Term Lead Prices, Which Will Consolidate on a Subdued Note] According to US media: Trump has delayed military action against Iran, saying he is "handling the Iran issue quietly." Recently, social inventory of lead ingots has been accumulating, which is a normal phenomenon before the delivery of SHFE lead...

[SMM Zinc Morning Meeting Summary: Non-farm Payrolls Data Missed Expectations, LME Zinc Center Shifted Lower]: Last Friday, LME zinc opened at $3,764/mt. At the beginning of the session, LME zinc briefly rose to hit a high of $3,798/mt, then bears added positions, and LME zinc drifted lower all the way, dipping to a low of $3,697/mt near the close. It ended down at $3,698/mt, falling $71.5/mt, a decline of 1.9%. Trading volume fell to 14,673 lots, and open interest increased by 5,089 lots to 254,000 lots.