[SMM Zinc Morning Comment] Last Friday, SHFE zinc recorded a small bearish candlestick, but the center of the daily candlestick moved upward, with the 5-day moving average providing support below. The overall changes in zinc fundamentals were relatively small, with low inventory forming a floor support for zinc prices. Macroscopically...

[SMM Morning Meeting Summary: Positive Signals Released in China-US Negotiations Provide Certain Support to Zinc Prices] Last Friday, LME zinc recorded a bullish candlestick, with the 5-day moving average providing support below. The import window opened, and LME zinc inventory continued to decline. With the supplement of imported zinc, it is difficult to say that domestic supply is tight. Zinc prices maintained a fluctuating trend. Attention should be paid to...

SMM Steel Morning Meeting Summary: Macroscopically Beneficial News Accelerates Market De-stocking Suddenly" Stimulated by macroscopically beneficial news, the afternoon session of steel futures experienced a volatile increase, closing at 3281, up 1.05% from the previous trading day. The willingness of end-users to purchase increased, traders were strongly inclined to hold prices and push for higher prices, and overall trading performance was decent...

SMM Building Materials Inventory: Macroscopically Favorable Conditions Accelerate Market De-stocking Suddenly" This week, the inventory in the building materials market continued to show a trend of destocking, with the total inventory of rebar decreasing on a week-on-week basis, and the decline expanded. On the supply side, raw material prices fell rapidly in the early stage, while the prices of finished products rebounded quickly, restoring steel mill profits and increasing production enthusiasm. Steel mills that had previously undergone maintenance work have successively resumed production, leading to a rebound in the supply of building materials. On the demand side, high temperatures gradually dissipated, coupled with the momentum of macro policies, market demand increased, and downstream procurement enthusiasm improved. Overall, the building materials market experienced further destocking, and the supply-demand dynamics continued to improve...

Macroscopically, the US Fed announced rate cut of 50 basis points.

【Terrifying Data Released and US Dollar Rises, Today's Copper Price May Be Guided by Overseas Market】Macroscopically, the monthly rate of retail sales in the United States in August recorded 0.1%, higher than expected, and the US dollar rose again, which had previously pushed up copper prices due to expectations of interest rate cuts by the Federal Reserve...

[SMM Lead Morning Meeting Summary: Lead Prices Rebound, Panic Eases among Downstream Players, and Spot Market Trading Gradually Picks Up] Macroscopically, the market continues to anticipate interest rate cuts by the Federal Reserve, leading to a correction in the US dollar index and a general boost for non-ferrous metals, with London lead surging in this atmosphere. Domestically, during the previous decline in lead prices, the losses of recycled lead smelting enterprises widened, with shipments of recycled refined lead in a few regions once quoted at a premium of 50-200 yuan/ton over the average price of SMM 1# lead at the ex-factory level, inverting prices compared to primary lead. After lead prices stabilized and rebounded...

[SMM Lead Morning Meeting Summary: Overnight Lead Futures Consolidated Gains and Fear of Falling in Spot Market Eased Slightly] Macroscopically, inflation data supported the Federal Reserve to cut interest rates by 25 basis points, and the macro atmosphere boosted LME non-ferrous metals, with LME lead recording a large bullish candlestick...Domestically, the fundamentals showed that recycled refined lead maintained high prices and sellers were reluctant to sell, leading to price inversion in the electrolytic lead market. The spot trading of electrolytic lead in Hunan, Henan and other regions gradually improved...

[SMM Aluminum Morning Meeting Summary: Demand Ushers in Recovery, Inventory Reduction Inflection Point Expected] Macroscopically, the US July PCE data met expectations, leading to the cooling of interest rate cut expectations. Fundamentally, recent disruptive factors such as power rationing have not had a substantial impact on electrolytic aluminum production, and the supply side remains relatively stable. The demand side is ushering in the traditional peak season, with consumption gradually recovering, and an inventory reduction inflection point is expected...

[SMM Lead Morning Meeting Summary: Shanghai Lead Opens High but Closes Low Overnight, Spot Market Remains Highly Cautious] Macroscopically, the US job gains have been revised downwards, and the market is seeking more clues about the possible magnitude of interest rate cuts by the Federal Reserve at its September 17-18 meeting. Fundamentally, although various levels of discount selling of spot lead ingots emerged this week, downstream enterprises were not very enthusiastic about buying at lower prices. After the narrowing of the basis, some enterprises preferred to pick up goods from warehouses. Yesterday's daily report on LME lead warehouse receipts showed that domestic lead social inventory continued its downward trend, falling below the 10,000-ton threshold...