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  After a brief restocking, downstream buyers did not purchase much more today. Suppliers had to lower the premium [SMM spot copper in South China]

• Shanghai Zinc: Many traders are shipping goods, and the premium continues to fall [SMM Midday Review]

  [Shanghai Zinc: Many traders selling, premiums continue to fall]: Today, the mainstream transaction prices for 0# zinc were concentrated in the range of 22,380-22,540 yuan/mt, with Shuangyan zinc trading at 22,510-22,620 yuan/mt, and 1# zinc trading mainly at 22,310-22,470 yuan/mt. In the morning session, the market quoted premiums of 20-30 yuan/mt against the SMM average price, with fewer quotes against the futures price...

• Ningbo Zinc: Futures market remains at a high level, with premiums continuing to decline [SMM Midday Review]

  [Ningbo Zinc: Futures Market Remains High, Premium Continues to Decline] The transaction price of mainstream brand 0# zinc in the Ningbo market is around 22,420-22,510 yuan/mt. The premium for mainstream brands in Ningbo against the 2508 contract is 50 yuan/mt, and the premium against Shanghai spot cargo is 10 yuan/mt. Mainstream brands in the Ningbo region are quoting against the 2508 contract...

• Chile's copper exports may be severely hit by the US tariff decision

• Operating rate of aluminum wire and cable fell under pressure in June, with divergent expectations for order growth in H2 [SMM Analysis]

  According to SMM statistics, the composite operating rate of the domestic aluminum wire and cable industry in June 2025 was 52.01%, down 3.4% MoM from May and down 4.65% YoY from June last year. From the perspective of enterprise scale, the operating rate of large enterprises decreased by 2.4% MoM to 68.53%, that of medium-sized enterprises fell by 3.2 MoM to 45.76%, and that of small enterprises decreased by 10.2% MoM to 16.95%.