Guangdong Zinc Market Sluggish Amid Increased Holiday Traders

[SMM Flash] According to SMM communications, as of Thursday (September 3), SMM's seven-region zinc ingot inventory totaled 232,800 tonnes, down 37,100 tonnes from August 27 and down 18,200 tonnes from August 31, reflecting a decline in domestic inventories.

The U.S. Permitting Council granted FAST-41 coverage to the Red Dog Mine Life Extension Project in northwest Alaska. The project proposes underground long-hole stoping at the Aktigiruq and Anarraaq deposits, with ore to be processed through Red Dog’s existing mill and is intended to extend Red Dog operations by approximately 14 years. The U.S. Army Corps of Engineers will lead the federal permitting review. Teck reports 42.2 Mt of indicated resources grading 15.8% Zn and 18.8 Mt of inferred resources grading 11.8% Zn at Aktigiruq, alongside 17.0 Mt of inferred resources grading 14.0% Zn at Anarraaq. Both deposits also contain lead, silver and germanium. FAST-41 coverage supports a coordinated and transparent permitting process; it does not constitute final permitting approval or commercial production.

On September 2, the Shanghai Futures Exchange (SHFE) announced that it had approved Shanghai Yuqiang Supply Chain Management Co., Ltd. to adjust its designated warehouse capacity for copper, aluminum and zinc futures. At the storage site at No. 3501 Gonghe New Road, Shanghai, the company will cancel its copper and aluminum futures storage qualifications, while its approved zinc futures warehouse capacity will remain unchanged at 20,000 tonnes. At the site at No. 2222 Jichuan Road, Minhang District, Shanghai, its zinc futures storage qualification will be canceled, while approved capacity will be adjusted to 45,000 tonnes of copper and 5,000 tonnes of aluminum.