Plomb secondaire : Le sentiment attentiste en aval est fort, et les échanges sur le marché restent atones [SMM Lead Daily Review]

Western Mining (601168.SS) released its 2026 third-quarter report on the evening of Oct. 21. First-three-quarter net income attributable to shareholders was CNY 6.789 billion (approx. $1.0 billion), up 130.50% YoY; third-quarter net income attributable to shareholders was CNY 2.62 billion (approx. $392.5 million), up 143.48% YoY and a record single-quarter high. First-three-quarter revenue was CNY 59.788 billion, up 23.42% YoY; third-quarter revenue was CNY 20.345 billion, up 20.94% YoY. Total profit was CNY 11.134 billion, up 86.68%; net income after non-recurring items was CNY 6.818 billion, up 135.11%; basic EPS was CNY 2.85. The company said higher prices for copper, zinc and gold- and silver-bearing products than a year earlier were the main driver. Output of mined copper was 128,100 tonnes, down 6.93% YoY; mined zinc 90,400 tonnes, down 4.67%; mined lead 42,500 tonnes, down 15.13%; gold contained in concentrate 175.36 kg, down 10.11%. Annual plan completion rates for mined copper, mined zinc and silver in concentrate were 74.97%, 70.90% and 76.70%, respectively, lagging the time-based schedule. Lower lead and gold output was mainly due to raw ore processing volumes and feed grades below planned targets; smelted zinc was affected by planned shutdowns, and iron concentrate by Shuangli Mining's new processing plant not yet being fully ramped up. The Yulong Copper Mine Phase III project is progressing on schedule, with infrastructure expected to be completed by end-2026 and formal production in 2027; ore processing capacity will rise from 22.8 million tonnes/year to 30 million tonnes/year, with annual copper metal output expected to reach 180,000 tonnes and molybdenum output expected to exceed 5,000 tonnes.

Le tableau suivant présente l'évolution des métaux ferreux et non ferreux sur le SHFE et le DCE au 22 octobre 2026.