Domestic Zinc Concentrate TCs Remained Stable

The Canadian federal government and the Province of British Columbia have signed the Canada–British Columbia Cooperative Prosperity Agreement, which includes approximately C$4.4 billion in investments aimed at accelerating resource development, energy infrastructure and export capacity in northwestern British Columbia. The package includes C$500 million to support the Red Chris copper-gold expansion project and C$3.9 billion for the North Coast Transmission Line, a major power infrastructure project designed to improve electricity access for mines and industrial developments across the region. According to Natural Resources Canada, the Golden Triangle area hosts approximately 75% of Canada's known copper reserves, along with more than 230 million ounces of gold, 650 million ounces of silver and an estimated 8 billion pounds of zinc. Canadian officials stated that expanded power and transportation infrastructure will help unlock the region's substantial copper and zinc resource potential while supporting future mining development and exports to Pacific Rim markets.

[SMM Morning Comment on Zinc] The most-traded SHFE zinc 2608 contract opened at 24,605 yuan/mt overnight. In early trading, bulls added positions, quickly pushing SHFE zinc up to a high of 24,750 yuan/mt. Then SHFE zinc consolidated, eventually closing up at 24,670 yuan/mt, up 155 yuan/mt, or 0.63%. Trading volume decreased to 56,555 lots, and open interest increased by 1,941 lots to 90,819 lots.

[SMM Morning Meeting Summary: Fundamentals Still Supportive, LME Zinc Center Shifts Higher] Overnight, LME zinc opened at $3,545/mt. In early trading, it briefly dipped to a low of $3,535/mt, then bulls added positions and LME zinc drifted higher throughout the session, touching a high of $3,594/mt near the end of trading, and finally closed higher at $3,579/mt, up $31/mt, a 0.87% gain. Trading volume increased to 13,260 lots, while open interest decreased by 1,268 lots to 269,000 lots.