Southwest China Mine Resumes Zinc Concentrate Production, Output to Rise by Over 500 mt in April

[SMM Zinc Morning Comment] Overnight, SHFE zinc was closed for the Qingming Festival holiday. China’s TCs continued to decline, and zinc prices still had some support on the upside. However, spot consumption was average recently, China’s social inventory increased, and macro uncertainty remained high. Attention could be paid to today’s inventory changes in China.

[SMM Morning Meeting Summary: Both SHFE and LME Were Closed Yesterday Due to Holidays; Focus on Macro Factors and Inventory Changes] Overnight, LME zinc was closed for Easter. Overnight, SHFE zinc was closed for the Qingming Festival holiday. The market awaited further signals on the U.S.-Iran situation before Trump’s “deadline” arrived, and uncertainty in the Middle East remained high. Meanwhile, social inventory outside China stayed low, and LME zinc was expected to hold up well in a fluctuating trend, with attention on macro developments.

[Zinc Concentrate Production] According to SMM, a mine in North China resumed production and operations in mid-March, and plans to continue ramping up production in April, which is expected to increase zinc concentrates output by around 1,000 mt in metal content MoM.