[SMM Morning Meeting Summary: Fundamentals Still Supportive, LME Zinc Center Shifts Higher] Overnight, LME zinc opened at $3,545/mt. In early trading, it briefly dipped to a low of $3,535/mt, then bulls added positions and LME zinc drifted higher throughout the session, touching a high of $3,594/mt near the end of trading, and finally closed higher at $3,579/mt, up $31/mt, a 0.87% gain. Trading volume increased to 13,260 lots, while open interest decreased by 1,268 lots to 269,000 lots.

[Shanghai Zinc: Futures Zinc Price Consolidates Higher, Spot Premiums Edge Down] Mainstream transaction prices of #0 zinc were concentrated in the range of 24,370-24,525 yuan/mt today, Shuangyan mainstream transaction prices were at 24,540-24,675 yuan/mt, and #1 zinc mainstream transaction prices were at 24,300-24,455 yuan/mt. In early trading, the market quoted premiums of 0-10 yuan/mt against the SMM average price, while there were no quotes against the futures yet...

[SMM Morning Meeting Summary: US Dollar Index Continues to Slide, LME Zinc Center Moves Higher] Last Friday, LME zinc opened at $3434.5/mt. At the beginning of the session, prices weakened and dipped to $3387/mt. Subsequently, bears reduced positions, driving the futures to rebound continuously, with prices steadily rising above the daily average line. At the end of the session, it surged to a high of $3503.5/mt, finally closed up at $3500/mt, up $62/mt, or 1.80%. Trading volume increased to 106,000 lots, while open interest decreased by 297 lots to 261,000 lots.

[Downstream enterprises actively priced at lows; spot premiums rose consecutively]: This week, Shanghai spot premiums rebounded from lows, up 10 yuan/mt WoW from the weekly average. As of Friday this week, ordinary domestic brands offered premiums of 0-10 yuan/mt against the 2607 contract, while high-end brand Shuangyan offered a premium of 100 yuan/mt against the 2607 contract..

SMM Morning Meeting Minutes: Overnight, LME copper opened at $13,744/mt, dipped to $13,725/mt shortly after the opening, then its price center fluctuated upward to touch $13,822.5/mt, followed by wild swings and finally closed at $13,796.5/mt, up 0.61%. Trading volume reached 16,600 lots, open interest stood at 263,000 lots, a decrease of 3,509 lots from the previous trading day, manifested as bearish position reduction. Overnight, the most-traded SHFE copper 2607 contract opened at 105,490 yuan/mt, hitting a high of 105,700 yuan/mt right after the opening, then its price center fluctuated downward all the way, touching a low of 105,060 yuan/mt near the end of trading, and finally closed at 105,210 yuan/mt, down 0.14%. Trading volume reached 25,000 lots, open interest stood at 147,000 lots, a decrease of 1,715 lots from the previous trading day, manifested as bullish position reduction.

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, SHFE copper prices are expected to rise intraday and remain at a relatively high level. Coupled with the futures contract rollover, trading activity is likely to be muted, reflecting that the current price level is significantly suppressing real demand. After the rollover, the market will officially price around the 2607 contract, and close attention should be paid to the outflow of unmatched warrants. However, open interest for the SHFE copper 2606 contract currently stands at approximately 5,500 lots, indicating limited delivery participation. The concentrated release of warrants is therefore expected to exert relatively limited additional pressure on spot discounts. Supported by delivery-related dynamics, Shanghai spot copper discounts did not see a sharp decline. But if copper prices remain at current highs and demand fails to improve effectively, spot premiums may come under downward pressure.

[Futures Zinc Prices Fell Sharply, While Spot Premiums Strengthened During the Week]: Shanghai spot premiums strengthened this week, with the weekly average price up 20 yuan/mt WoW. As of this Friday, ordinary domestic brands were quoted at discounts of 30 yuan/mt to 20 yuan/mt against the 2604 contract, while the high-priced brand Shuangyan was quoted at a premium of 50 yuan/mt against the 2604 contract.

[SMM Morning Meeting Summary: LME Zinc Continues to Pull Back as Inventory Increases and US Dollar Index Rises] Overnight, LME zinc opened at $3,162.5/mt, with the price center initially rising to a high of $3,186/mt before continuously declining to a low of $3,123/mt, eventually closing down at $3,131/mt, a decrease of $29/mt, or 0.92%. Trading volume increased to 131,708 lots, while open interest decreased by 1,208 lots to 232,790 lots.

[SMM Morning Meeting Minutes: Structural Risks Persist, LME Zinc Fluctuates at Highs] Overnight, the LME zinc contract recorded a bullish candlestick, with the upper Bollinger Band forming resistance and the middle Bollinger Band providing support. Although LME zinc inventory increased overnight, it remains relatively low. The LME Cash-3M backwardation structure...

SMM Morning Meeting Minutes: LME copper opened at $10,560.5/mt overnight, initially touched a low of $10,490/mt, then copper prices rose all the way to a high of $10,659.5/mt near the end of the session, and finally closed at $10,620/mt, up 0.42%, with trading volume reaching 20,000 lots and open interest reaching 320,000 lots. The most-traded SHFE copper 2512 contract opened at 84,530 yuan/mt overnight, initially touched a low of 84,510 yuan/mt, then fluctuated upward to a high of 85,430 yuan/mt, and finally closed at 85,140 yuan/mt, up 0.09%, with trading volume reaching 55,000 lots and open interest reaching 216,000 lots.