Zijin Mining 2025 Report: Zinc Output Down, Smelting Up, Bisha and Wulagen Mines Plan Increased Production

SMM Morning Meeting Summary: Overnight, LME copper opened at $12,216/mt and dipped to $12,181.5/mt in early trading. Copper prices then fluctuated upward in center and, near the close, touched a high of $12,420/mt, finally closing at $12,382.5/mt, up 1.64%. Trading volume reached 18,800 lots, and open interest stood at 298,900 lots, an increase of 3,875 lots from the previous trading day. Overnight, the most-traded SHFE copper 2605 contract opened at 95,730 yuan/mt and fluctuated rangebound in early trading, hitting a low of 95,550 yuan/mt. It then fluctuated upward all the way to a high of 96,780 yuan/mt, finally closing at 96,760 yuan/mt, up 1.26%. Trading volume reached 56,200 lots, and open interest stood at 186,300 lots, an increase of 598 lots from the previous trading day, mainly driven by increased long positions.

March production was broadly in line with expectations, increasing by 63,700 mt from February on a MoM basis to a record high.

According to Polaris Power Network, on March 27, China Southern Power Grid launched the first batch of tenders for information technology projects in 2026. A total of 5 lots and 24 packages were involved, including 15 system construction projects, 2 special research projects, 5 business support projects, and 2 equipment procurement projects.