Newmont Reports Q4 2025 Zinc Production Down 22% QoQ, Sets 2026 Guidance

[Continuous Tariff Disturbances, SHFE Zinc Hovers at Highs] The most-traded SHFE zinc 2604 contract opened at 24,320 yuan/mt. After opening, bulls increased their positions, pushing zinc quickly above the daily average line and reaching a high of 24,865 yuan/mt. Toward the close, some bulls reduced positions and exited, causing a slight decline. It finally closed up at 24,680 yuan/mt, rising 430 yuan/mt (a 1.77% gain). Trading volume increased to 56,353 lots, and open interest rose by 4,439 lots to 81,447 lots.....

[Mining and Metallurgical Enterprise Dynamics] According to Yunnan Chihong Zn & Ge Co., Ltd. (600497), during the Chinese New Year, while families across the country were reuniting, the company's production units nationwide remained busy. Many employees at operations such as Yongchang Lead-Zinc, Hulunbuir Chihong, Huize Mining and Smelting chose to stay at their posts, ensuring safe and stable production during the holiday at high-altitude snowy regions, underground mines thousands of meters deep, beside smelting furnaces, and project sites.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 24 Feb , 2026