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

Historically, domestic zinc concentrate production typically declines continuously from December to February each year. There are two main reasons: first, some mines undergo routine shutdowns in winter due to weather conditions; second, the Chinese New Year holiday falls early in the year, during which many mines suspend operations or conduct maintenance. As this year's Chinese New Year holiday approaches, how will these factors specifically affect domestic zinc concentrate supply？

[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.