Zhejiang Sigma to Commission Zinc Alloy Project with 5,000 tonne Monthly Output in Early August, SMM Reports

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2606 contract opened higher with a gap at 24,620 yuan/mt. At the beginning of the session, bulls increased open interest, and SHFE zinc quickly rose to a high of 24,820 yuan/mt before losing upward momentum and shifting its center lower to trade in a range. It finally closed up at 24,640 yuan/mt, gaining 260 yuan/mt or 1.07%. Trading volume fell to 78,623 lots, while open interest increased by 2,742 lots to 90,915 lots.

[SMM Morning Meeting Minutes: Increasing Mine-Side Disruptions, LME Zinc Continues to Rally] Overnight, LME zinc opened at $3,482/mt. At the beginning of the session, LME zinc briefly dipped to a low of $3,457/mt. Subsequently, bulls increased their open interest, and LME zinc fluctuated upward throughout the session, touching a high of $3,542.5/mt near the close. It ultimately closed higher at $3,532.5/mt, up $50.5/mt, a gain of 1.45%. Trading volume increased to 15,265 lots, and open interest rose by 727 lots to 242,000 lots.

Kazzinc said on Tuesday that its zinc and lead plants at the Ust-Kamenogorsk metallurgical complex in eastern Kazakhstan are operating at reduced capacity following last week’s explosion. The incident occurred at Kazzinc’s zinc plant, killing three people and injuring five others. Kazzinc, Kazakhstan’s largest producer of zinc, lead and precious metals and owned by Glencore, has not disclosed the extent of the impact on output. Clean-up operations and an investigation into the incident are still ongoing.