13th National Games Barely Distress Zinc Consumption, SMM Reports

According to the release from Ivanhoe Mines on February 3, Ivanhoe Mines is engaged in in-depth discussions with Gécamines and Mercuria, planning to supply critical minerals from the ultra-high-grade Kipushi zinc-lead-germanium-gallium mine to the US. Under the proposed agreement, Mercuria's current offtake of Kipushi zinc concentrates will be allocated to the trading division of Gécamines, and the excess production resulting from the successful debottlenecking and expansion of Kipushi in Q4 2025 will also be allocated. The concentrates produced from the Kipushi mine also contain significant amounts of germanium and gallium. Gécamines has the potential to be responsible for the sales of up to 50% of the mine's concentrate production, including sales to the US.

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2603 contract opened at 24,785 yuan/mt. At the beginning of the session, it surged to a high of 24,980 yuan/mt, but then bulls reduced their positions and exited the market, causing the contract to fluctuate downward and touch a low of 24,725 yuan/mt. It maintained fluctuations at lows toward the end of the session, ultimately closing down at 24,770 yuan/mt.

[SMM Morning Meeting Minutes: ADP Data Falls Short of Expectations, LME Zinc Maintains Fluctuating Trend] Overnight, the LME zinc contract opened at $3,332.5/mt. Initially, it surged to a high of $3,360/mt, then fluctuated considerably around the daily average. Entering the night session, LME zinc fluctuated downward, touching a low of $3,293/mt, before rebounding slightly toward the session's close. It ultimately closed down at $3,305.5/mt, falling $17.5/mt, a decline of 0.53%. Trading volume decreased to 83,901 lots, while open interest increased by 471 lots to 233,000 lots.