Zinc Highlights:

・Smelter capacity ramp-up: Where will zinc concentrate TC head in H2?

・Persistent overseas tariff disruptions: What to expect from zinc consumption?

・Post-H1 price slump: How will zinc prices trend?

Lead Highlights:

・Tightening lead concentrate TC & sustained secondary lead losses: How will smelters operate?

・Domestic replacement programs vs. export tax constraints: Will peak-season consumption persist?

・Balanced supply-demand: What’s lead’s potential trading range?