[SMM Zinc Morning Meeting Summary: Bears Cut Positions, LME Zinc Rebounds from Lows]: Overnight, LME zinc opened at $3,560/mt, then fluctuated upward throughout the session, dipping to $3,555.5/mt in early trading and touching a high of $3,618/mt. It then maintained a fluctuating trend at high levels, finally closing up at $3,611.5/mt, up $50/mt, or 1.4%. Trading volume increased to 11,957 lots...

[Fundamental Tug-of-War Between Longs and Shorts, SHFE Zinc Maintains Fluctuating Trend] The most-traded SHFE zinc 2608 contract opened at 24,705 yuan/mt. After opening, SHFE zinc fluctuated around the daily average line, hitting a high of 24,745 yuan/mt during the session. Near the end of the session, it dipped to a low of 24,640 yuan/mt, and finally closed up at 24,740 yuan/mt.....

Today, the spot zinc ingot pricing in the Guangdong region has switched to the new front-month contract, with the benchmark contract shifting from the JH2607 contract to the JH2608 contract. Under the contango structure, today's quotes in the Guangdong region are at a discount of 110 yuan/ton to the JH2608 contract. How will the spot premium/discount perform in the coming period?

[SMM Zinc Morning Meeting Minutes: LME Zinc Inventory Rises Notably, LME Zinc Center Moves Lower] Overnight, LME zinc opened at $3,579.5/mt, briefly rose to a high of $3,599/mt in early trading, then retreated from highs and fell all the way, dipping to $3,539/mt during the session. Then LME zinc rebounded slightly from the low to near the daily moving average and moved in a narrow range, finally closing down at $3,561.5/mt...

[SMM Zinc Morning Comment: Fundamentals of Tight Ore Supply Unchanged, SHFE Zinc Expected to Maintain Fluctuating Trend] Overnight, the most-traded SHFE zinc 2608 contract opened at 24,735 yuan/mt. After opening, SHFE zinc fluctuated around the daily average line, touching a high of 24,780 yuan/mt at the beginning of the session and dipping to a low of 24,665 yuan/mt during the session, finally closing down at 24,715 yuan/mt..

According to LME inventory data on June 16, zinc inventory increased by 17,400 mt or 16.24% to 124,550 mt, while LME zinc off-warrant stocks fell by 18,549 mt to 20,916 mt. Based on this, the LME zinc price once quickly dropped to $3,539/mt. According to SMM, this inventory increase was mostly due to traders converting off-warrant stocks into warrants, and the overall impact was relatively limited.

[Geopolitical Risks Subside: How Will the Zinc Market React?] The Middle East conflict has recently shown clear signs of de-escalation. The market is now fully pricing in a U.S.-Iran agreement and the resumption of shipping through the Strait of Hormuz. What impact will this have on the zinc market?

Central Asia Metals (CAML) announced that, thanks to improved operational efficiencies, its copper and zinc production for the first five months of 2026 both surpassed the same period last year. Copper output from the Kounrad operation in Kazakhstan totalled 5,141 tonnes, a near 4% increase over the last year. Meanwhile, the Sasa mine in North Macedonia produced 7,566 tonnes of zinc in concentrate, up over 2% compared to last year. In terms of pricing, the company reported significantly higher realized metal prices during the period. The average price of copper reached $13,076 per tonnes, representing a massive jump of nearly 40% over the last year, while average zinc prices rose 19% to $3,299 per tonne. In addition, historically low treatment charges for lead, which have turned negative, further boosted Sasa’s revenues. CEO Gavin Ferrar noted that the group is shaping up to deliver strong profitability and cash generation in the first half of 2026. Currently, the company is actively pushing forward with its acquisition of Australia's Cygnus Metals, announced last week, to expand its footprint into a high-grade copper-gold project in Quebec, Canada. The company remains highly confident in meeting its full-year production guidance (12,000–13,000 tonnes of copper, 18,000–20,000 tonnes of zinc concentrates, and 26,000–28,000 tonnes of lead concentrates).

[SMM Zinc Morning Meeting Summary: LME Inventory Running at Low Levels LME Zinc Fluctuates at Highs]: Overnight, LME zinc opened at $3,591/mt, fluctuated upward after opening, touched a high of $3,623/mt, then pulled back all the way, dipped to $3,568/mt during the session, and finally closed up at $3,584.5/mt, up $1.5/mt, or 0.04%. Trading volume dropped to 11,715 lots...

[SMM Zinc Morning Comment: China's Zinc Ingot Inventory Recorded an Increase, Weak Consumption Dragged Down Zinc Prices] Overnight, the most-traded SHFE zinc 2608 contract opened at 24,840 yuan/mt. After opening, SHFE zinc moved sideways around the daily average line, hitting a high of 24,860 yuan/mt during the session and a low of 24,785 yuan/mt near the end. It finally closed lower at 24,820 yuan/mt, down 55 yuan/mt, a decline of 0.22%..