SMM4 29th SMM0# Zinc Ningbo Brand rising Water

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2606 contract opened lower with a gap at 24,180 yuan/mt. At the beginning of the session, SHFE zinc fluctuated downward with small fluctuations to a low of 24,125 yuan/mt. Subsequently, bears reduced their open interest, and the price fluctuated upward above the daily average line to a high of 24,250 yuan/mt. At the end of the session, it moved sideways, ultimately closing lower at 24,205 yuan/mt, down 45 yuan/mt or 0.19%. Trading volume decreased to 37,900 lots, and open interest decreased by 1,278 lots to 92,124 lots.

[SMM Morning Meeting Minutes: Macro and Fundamentals Resonate, LME Zinc Center Rises] Overnight, LME zinc opened at $3,365/mt. At the beginning of the session, LME zinc dipped slightly to $3,357/mt, then prices continued to rise, reaching a high of $3,442/mt. Late in the session, prices pulled back slightly from highs to consolidate, ultimately closing up at $3,409.5/mt, up $51/mt, a gain of 1.52%. Trading volume increased to 101,000 lots, and open interest increased by 4,648 lots to 236,000 lots.

[Newmont Announced Q1 2026 Production] On April 23, Newmont released its Q1 2026 report, which showed that its zinc concentrates production was 62,000 mt in Q1, up 35% YoY, mainly due to improved grade at the Peñasquito mine. Its zinc concentrates production guidance for 2026 was 220,000 mt.