SMM data showed that China's refined zinc output in May 2024 was 536,200 mt, up 31,600 mt or 6.26% MoM, and down 5.02% YoY. The cumulative output from January to May was 2.636 million mt, down 1.43% YoY, slightly higher than expected. The domestic zinc alloy output in May was 95,000 mt, down 500 mt MoM.

SMM data showed that China's copper cathode output in May was 1.0086 million mt, up 23,500 mt or 2.39% MoM, and up 5.19% YoY, exceeding the expected 977,100 mt by 31,500 mt.

SMM data showed that China's copper cathode output in February was 950,300 mt, a month-on-month decrease of 19,500 mt or 2.01%, but a year-on-year increase of 4.68%.

In February 2024, China's refined zinc output was 502,500 mt, a month-on-month decrease of 64,400 mt or 11.36%, and a year-on-year increase of 0.22%. The cumulative output from January to February was 1.069 million mt, a year-on-year increase of 5.61%, slightly lower than expected. In February, domestic zinc alloy output was 95,300 mt, a decrease of 14,350 mt from the previous month.

SMM data showed that in January, China's copper cathode output was 969,800 mt, a month-on-month decrease of 29,600 mt or 2.96%, but a year-on-year increase of 13.65% or 116,500 mt; the output is 16,200 mt higher than the expected 953,600 mt.

SMM data showed that China's refined zinc output in January 2024 was 567,000 mt, a month-on-month decrease of 23,900 mt or 4.05%, and a year-on-year increase of 10.9%, which is lower than our previous expectations. In January, domestic zinc alloy output was 109,600 mt, an increase of 6,600 mt from the previous month.

In November 2023, China's refined zinc output was 579,000 mt, a decrease of 25,600 mt or 4.23% month on month, but a year on year increase of 10.62%, below our expectations. The output totalled around 6.03 million mt from January to November, up 10.62% year-on-year. Domestic zinc alloy output was 93,300 mt in November, 4,800 mt lower than in the previous month.

China's copper cathode output in November was 960,800 mt, a decrease of 33,000 mt or 3.3% month-on-month, but a growth of 6.8% year-on-year, according to SMM data.

China's copper cathode output in August was 989,000 mt, an increase of 63,100 mt or 6.8% month-on-month, and a growth of 15.5% year-on-year.

In August 2023, SMM China's refined zinc output was 526,500 mt, a decrease of 24,600 mt or 4.46% month on month, but a year on year increase of 13.78%, well below our expectations.