SMM

SMM Analysis：Since the National Day holiday, the LME zinc backwardation structure has surged rapidly. As of October 21, 2025, the LME zinc Cash-3M backwardation climbed to $299/mt, hitting a multi-year high, with LME outperforming SHFE. Market concerns over a "squeeze" have intensified. From a fundamental perspective, what are the underlying reasons, and what is the outlook......