SMM's monthly production data for base metals is released at the end of each month, aiming to uncover the true fundamentals for industry chain professionals and investors, and providing a clearer grasp of the future direction of the non-ferrous metal market.

[Ningbo Zinc: Increased Market Supply, Downstream Restocking for Immediate Needs] The transaction prices of mainstream brand 0# zinc in the Ningbo market ranged from approximately 22,760 to 23,060 yuan/mt. The quotes for conventional brands in Ningbo were at a premium of 250 yuan/mt against the 2506 contract, and at a premium of 80 yuan/mt against spot cargo in Shanghai. Mainstream quotes in the Ningbo region were against the 2506 contract...

[Shanghai Zinc: Few Traders Offering Shipments, Transactions Remain Sluggish]: Today, mainstream transaction prices for 0# zinc were concentrated in the range of 22,710-23,100 yuan/mt, with Shuangyan zinc trading at 22,810-23,130 yuan/mt, and mainstream transaction prices for 1# zinc at 22,640-23,030 yuan/mt. In the morning session, the market offered a premium of 100 yuan/mt against the average price, with no quotes against the futures market.....

[Guangdong Zinc: Downstream Just-in-Time Procurement Dominates, Market Trading Atmosphere Remains Moderate] The mainstream transaction price of 0# zinc in Guangdong ranged from 22,610 to 23,015 yuan/mt. Mainstream brands were quoted at a premium of 460 yuan/mt against the 2507 contract, and at a discount of 130 yuan/mt against spot cargo in Shanghai. The Shanghai-Guangdong price spread widened...

[Tianjin Zinc: Weak Consumption, Weak Downstream Purchase Willingness] In the Tianjin market, the mainstream transaction prices for #0 zinc ingot ranged from 22,640 to 22,830 yuan/mt, with Zijin trading at 22,710 to 22,840 yuan/mt. The transaction price for #1 zinc ingot was around 22,390 to 22,490 yuan/mt, while Huludao reported a price of 26,150 yuan/mt. The ordinary #0 zinc ingot was quoted at a premium of 130 to 230 yuan/mt against the 2506 contract, with Zijin quoted at a premium of 200 to 240 yuan/mt against the 2506 contract. The Tianjin market was quoted at a discount of around 30 yuan/mt against the Shanghai market.

Futures Market: Overnight, LME copper opened at $9,604.5/mt. After fluctuating considerably to reach an intraday low, it surged straight up to a high of $9,636.5/mt, then fluctuated downward. Near the close, it hit a low of $9,578/mt before finally closing at $9,615/mt, marking a 1.24% increase.

[SMM Morning Comment on Zinc: Domestic Market Closed for Dragon Boat Festival Holiday, SHFE Zinc Trading Halted] Overnight, LME zinc opened at $2,638.5/mt. After opening, LME zinc briefly stabilized and oscillated, hitting a low of $2,627/mt during the period, before rising steadily and reaching a high of $2,707/mt near the close. It finally closed up at $2,693/mt, up $63.5/mt or 2.41%. Trading volume increased to 13,705 lots, while open interest decreased by 536 lots to 213,000 lots...

[SMM Zinc Morning Meeting Summary: US Manufacturing PMI Contracts, LME Zinc Center Moves Higher]: Overnight, LME zinc opened at $2,638.5/mt. After opening, LME zinc briefly stabilized and oscillated, dipping to a low of $2,627/mt during the period, before rising steadily and hitting a high of $2,707/mt near the close. It ultimately closed up at $2,693/mt, gaining $63.5/mt, or 2.41%. Trading volume increased to 13,705 lots, while open interest decreased by 536 lots to 213,000 lots. Overnight, as it was the Dragon Boat Festival holiday in China, SHFE zinc trading was suspended···

In recent years, zinc prices have fluctuated largely around the supply-demand imbalance between mining and smelting. With a significant increase in zinc concentrate supply expected for this year, prices may face downward pressure as we expected at the beginning of this year. This is the second report of two, which reviews Q1 production data from major overseas zinc mines from the Asia, Oceania and the Americas, and provides updated forecasts for full-year output.

In recent years, zinc prices have fluctuated largely around the supply-demand imbalance between mining and smelting. With a significant increase in zinc concentrate supply expected for this year, prices may face downward pressure as we expected at the beginning of this year. This is the first report of two, which reviews Q1 production data from major overseas zinc mines from the EMEA region, which covers Europe, Middle East and Africa.