China's automobile production and sales remained stable in January 2026, with sales slightly declining

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2604 contract opened at 24,780 yuan/mt. At the beginning of the session, zinc prices briefly rose, touching a high of 24,800 yuan/mt, but then bears increased their positions, causing prices to fluctuate downward. By the end of the session, zinc hit a low of 24,510 yuan/mt, and finally closed down at 24,535 yuan/mt, falling 105 yuan/mt, a decline of 0.43%. Trading volume decreased to 26,540 lots, while open interest increased by 2,781 lots to 81,650 lots.

[SMM Morning Meeting Minutes: LME Destocking Still Provides Support, LME Zinc Center Rises] Futures: Overnight, the LME zinc contract opened at $3,392/mt. Initially, with bulls and bears intertwined, LME zinc briefly pulled back to a low of $3,368.5/mt. Subsequently, as bulls increased their positions, LME zinc fluctuated upward, reaching a high of $3,458.5/mt during the night session. However, due to insufficient upward momentum, the price center pulled back, ultimately closing up at $3,418/mt, an increase of $20/mt or 0.59%. Trading volume rose to 10,803 lots, and open interest increased by 4,800 lots to 235,000 lots.

[Metallurgical Enterprise Dynamics] On February 11, in an auction conducted on the Inner Mongolia Autonomous Region's natural resource online trading system, Zhongjin (Xing'an League) Mining Co., Ltd. won the exploration rights for "Detailed Survey of Area 1 of the Fuxingtun Silver-Lead-Zinc Polymetallic Mine in Horqin Right Wing Front Banner, Inner Mongolia Autonomous Region" with the highest bid of 7.87 billion yuan. The resource amount reviewed and filed as of 2020 is as follows: silver ore volume 26.292 million mt (silver metal content 5,105 mt (grade 194.17 g/mt)); associated zinc metal content 235,700 mt, lead metal content 135,200 mt, constituting a large-scale concealed deposit.