[No Significant Production Cuts at Smelters in May; Zinc Concentrate TCs Continued to Decline]: Based on weekly data, the SMM Zn50 domestic weekly average TC fell 150 yuan/mt Zn WoW to 700 yuan/mt Zn, and the SMM imported zinc concentrate index dropped $6.5/dmt WoW to -$45.75/dmt.

During the May Day holiday in 2026, LME zinc traded in a general sideways range, finding solid support at the 40-day moving average. In terms of specific performance, LME zinc showed an N-shaped trend of rising first, then falling and rebounding again.

SMM Analysis: Maintenance Recovery & Falling Zinc TC Shape May Refined Lead Output Outlook SMM May 1 News: In April 2026, China's refined lead production continued its modest upward trend, rising 1.22% month-on-month and 3.01% year-on-year.

[Zhongjin Lingnan's 2025 Annual Report Released] On April 22, Zhongjin Lingnan released its 2025 annual report. In 2025, the company's mining enterprises produced 253,800 mt of lead-zinc metal content in concentrates, down 4.21% YoY, and 10,255 mt of copper metal content in concentrates, down 14.23% YoY. The company's smelters produced 917,900 mt of copper, lead, and zinc products, up 5.33% YoY, including copper cathode (477,200 mt, up 10.54% YoY) and lead-zinc products (440,700 mt, up 0.22% YoY). In 2026, the company plans to produce 266,400 mt of lead-zinc metal content in concentrates, including lead metal content (73,200 mt) and zinc metal content (193,200 mt), as well as 442,800 mt of lead-zinc products, including lead ingots (124,100 mt) and zinc ingots and zinc products (318,700 mt)

Vietnam’s mining group Vinacomin reported production of copper concentrate at around 9,200 tonnes and zinc output at around 1,100 tonnes in the latest reporting period, according to its update for the first two months of 2026. The group also contributed VND 4.44 trillion (approximately USD 169.5 million) to the state budget over the same period.

Hindustan Zinc Limited, the world’s largest integrated zinc producer, released its production figures for the fourth quarter and full year ending March 31, 2026. The company maintained consistent output across zinc, lead, and silver, sustaining operational momentum and reinforcing its standing as a top base metals producer. The data demonstrates continued efficiency and strong capacity utilization throughout the year. In Q4 FY 2025‑26, Hindustan Zinc achieved a record quarterly mined metal production of 315 kt, up 2 % year‑on‑year, while refined metal output also hit a new high of 282 kt. For the full year, mined metal production reached 1,114 kt, and refined zinc output totaled 851 kt, underscoring robust operational performance.

During the Chinese New Year break, LME zinc's price center first declined and then rose. The 40-day moving average consistently supported the daily candlestick of LME zinc. After opening, the price center of LME zinc pulled back, hitting a low of $3,253/mt before rebounding steadily. Overall, the price center recovered, and as of Friday's close, LME zinc settled at $3,378/mt, up $35.5/mt for the week, a gain of 1.06%.

[Zinc Concentrate Production Information] Grupo Mexico released its Q4 2025 report. Its zinc concentrate production for the quarter was 46,200 mt, up 7% YoY. Full-year 2025 zinc concentrate production totaled 176,900 mt, up 36% YoY, primarily benefiting from the operation of the Buenavista zinc mine.

SMM Analysis：As of January 30, the most-traded SHFE zinc contract closed at 25,835 yuan/mt, up 2,525 yuan/mt for the month, a gain of 10.83%. Zinc prices rose significantly in January, hitting a low of 23,410 yuan/mt early in the month and reaching a high of 26,985 yuan/mt by month-end, with the overall price center shifting notably higher. With the Chinese New Year holiday approaching, how will zinc prices perform in February......

[Foran Mining to Raise C$350 Million for McIlvenna Bay Copper-Zinc Project] Canadian miner Foran Mining has announced a C$350 million non-brokered private placement to fund the development of its McIlvenna Bay copper-zinc project in Saskatchewan and exploration in the surrounding district. The financing is led by the Canada Growth Fund (CGF), which is contributing C$156 million, with participation from Agnico Eagle, Fairfax, and others. The project is expected to create around 400 permanent jobs and boost Canada’s copper and zinc output by approximately 4% and 22%, respectively. Foran has also revised the Phase 1 capital cost to C$1.08 billion, up from C$886 million, due to delays in construction, increased labor costs, and other factors. Despite this, construction progress remains steady, with about 32% already completed. The company maintains its target of achieving commercial production by mid-2026.