MMG reported zinc production of 106,000 tonnes for the first half of 2026, representing 48% of its full-year zinc guidance of 215,000-235,000 tonnes. Dugald River in Australia produced 87,000 tonnes of zinc, up 3% year on year, while maintaining recoveries above 90%. Rosebery produced 19,000 tonnes of zinc. Dugald River’s EBITDA rose 92% year on year to US$127 million, supported by higher zinc and by-product prices. At Rosebery, silver production increased 45% to 1.40 million oz and gold production rose 9% to 15,400 oz, resulting in C1 costs of negative US$2.23/lb after by-product credits. MMG maintained its 2026 zinc production guidance.

【Domestic Zinc Concentrate Market】According to SMM, domestic mine supply disruptions have continued recently, while some smelters have resumed production following maintenance shutdowns. SMM expects China's refined zinc production to increase month-on-month in August, resulting in a market characterized by tighter concentrate supply and stronger demand. Meanwhile, the domestic-to-overseas zinc price ratio continued to deteriorate this week, encouraging smelters to actively procure domestic zinc concentrates. As a result, August domestic zinc concentrate treatment charges (TCs) declined further from July levels.

[Smelters Purchase as Needed, Imported Zinc Concentrate TCs Continue to Decline]: Based on weekly data, the SMM Zn50 domestic weekly TC average remained flat WoW at -1,150 yuan/mt Zn, and the SMM Imported Zinc Concentrate Index fell WoW by 5.38 $/dmt to -103.5 $/dmt....

Fresnillo reported revenue of $3.38 billion for the six months ended June 30, 2026, up 74.7% year on year. Its average realised by-product lead price was $0.87/lb, down 2.3% year on year, while the average realised by-product zinc price rose 27% to $1.55/lb. Attributable by-product lead production increased 8.8% year on year, supported by higher ore grades at Fresnillo and Juanicipio and partly offset by lower grades at Saucito. Attributable by-product zinc production was broadly stable. The company maintained its 2026 guidance for attributable lead production of 54,000–59,000 t and attributable zinc production of 85,000–95,000 t. Attributable silver output in H1 was 22 million oz, down 11.4% year on year, while attributable gold output fell 7.3% to 290,900 oz.

[SMM Zinc Morning Comment: Insufficient Fundamental Support Led to Noticeable Pullback from Highs in Night Session SHFE Zinc] Overnight, the most-traded SHFE zinc 2609 contract opened at 25,250 yuan/mt, hitting a high of 25,250 yuan/mt before rapidly consolidating and pulling back. It touched a low of 24,780 yuan/mt during the session, then rebounded slightly from the low, ultimately closing down at 24,920 yuan/mt, a decline of 460 yuan/mt..

[SMM Zinc Morning Meeting Minutes: Nearby Month Squeeze Bulls Continue to Push Up Zinc Prices, LME Zinc Hits Four-Year High]: Overnight, LME zinc opened at $3,645.5/mt, initially fell and then rose, hitting a high of $3,703.5/mt during the session, then continuously pulled back from the high, and near the end of the session dipped to a low of $3,618/mt, finally closing down at $3,634/mt, losing $6/mt, or 0.16%. Trading volume increased by 4,655 lots to 18,193 lots···