[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.

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.

Copper and gold, as metals with outstanding performance in the market, have always attracted much attention from the market. The performance report and performance briefing of Zijin Mining, a mining giant that owns copper and gold, have also attracted much attention.