[Zinc Concentrate Production Information] According to SMM, a mine in northeastern China has remained shut down this year due to certain reasons. The mine currently plans to gradually resume production in July, and SMM will continue to track its subsequent performance.

[Weekly Review of Aluminum Scrap and Secondary Aluminum]High Raw Material Costs Keep Secondary Aluminum Prices Firm

The Indian government is actively evaluating the withdrawal of specific tariff concessions previously granted to the UK under ongoing free trade agreement (FTA) negotiations, acting as a direct retaliation against the UK’s plan to extend its steel safeguard measures. The UK’s proposed measure aims to impose a restrictive tariff-rate quota (TRQ) system with a 25% punitive customs duty on any imports exceeding specified historical limits, heavily penalizing Indian steel exporters. In response, India has submitted a proposal to the World Trade Organization (WTO) outlining targeted suspension of concessions on UK imports matching the exact trade value disrupted by the British safeguards.

Zambia has extended its suspension of export duties on copper concentrates until September 30 to ease stockpile pressure caused by prolonged smelter outages. The measure covers more than 270,000 tonnes of concentrate from major producers including Mopani, Lumwana, and First Quantum. Authorities hope the extension will help maintain supply-chain stability while domestic processing facilities recover.

Platinum prices continued to fluctuate today. Regarding the US-Iran conflict, Iran announced the suspension of all indirect negotiations with the US. Data-wise, the US May manufacturing PMI came in at 54, hitting a three-year high. During the morning session, the most-traded GFEX platinum PT2608 contract closed at 480.05 yuan/gram, up 0.71%. The inverted price spread between the SGE platinum 9995 best offer price and the GFEX PT2608 remained around 6 yuan/gram. Spot market, mainstream quotations for spot platinum were at a discount of 4 yuan/gram to parity against the PT2608 contract. Most suppliers of warrant-based spot cargo quoted at the higher end, with elevated absolute prices, making transactions at higher-end quotations difficult. Suppliers generally reported that registered warrants were absorbing a large volume of spot cargo, resulting in premiums on spot prices and wide price spreads in the market. Transaction side, according to SMM, downstream enterprises negotiated purchases based on orders, and overall transactions in the spot platinum market were normal today.

[SMM Daily Review: Silver Prices Moved Sideways, Spot Discounts Held Steady] SMM reported on June 2 that macro sentiment fluctuated, and silver prices saw small fluctuations. Spot market discounts continued, with increased shipments at the beginning of the month, and transactions leaned toward the lower end.