Platinum prices rose sharply intraday, mainly because Peru issued an energy crisis decree, causing Peruvian mines to halt operations and thereby affecting supply, which ignited the silver market. Influenced by the spillover effect from the precious metals sector, platinum and palladium also rose significantly. In the morning session, the most-traded GFEX platinum contract PT2606 closed at 526.05 yuan/gram, up 2.90%, with the SGE Platinum 9995 versus GFEX PT2606 showing an inversion. Spot side, mainstream quotations for spot platinum premiums widened compared to the previous trading day, with traders' morning mainstream quotations at a discount of 3-5 yuan/gram to GFEX PT2606. Transaction side, according to SMM, downstream consumers showed obvious wait-and-see sentiment due to the high absolute prices driven by futures gains. Morning quotations at a GFEX discount of 3-5 yuan/gram saw very few transactions at mainstream quotations, and the overall sluggish trading in the spot market remained unchanged.

Mining and transportation group Grupo México reported that its Q1 profit surged 57% year over year, driven by higher silver and zinc sales.Grupo México, controlled by Mexican billionaire Larrea German, ranks among the world's largest copper producers by production.The group reported that Q1 2026 copper production reached 258,138 mt, down 2.8% year over year, mainly due to lower production at its Peruvian mines, partially offset by increased production at its Mexican and US mines In Q1 2026, silver and zinc production increased by 11.1% and 2.0%, respectively.

The SMM Imported Zinc Concentrate Index for this week is $78.75/dmt, with a 3.28% WoW increase. The SMM Imported Lead Concentrate average spot TC for this week is $-60/dmt, unchanged WoW.

On July 31, Nexa announced that Phase I of its Cerro Pasco integration project has reached key milestones, including the completion of engineering design and receipt of all necessary permits. Phase II is advancing on schedule. The project is expected to extend the mine life of Atacocha and El Porvenir by over a decade while enhancing overall profitability. At the Aripuanã mine, the procurement and installation of the fourth tailings filter remain on track for completion in the second half of 2025, with commissioning anticipated in the first half of 2026—unlocking full production capacity. Zinc in concentrate production in Q2 2025 reached 74kt, up 9% QoQ, primarily driven by improved operational performance at Nexa’s Peruvian mines. Compared to Q2 2024, production was down 12% due to lower output from Brazilian operations, partially offset by higher contributions from Atacocha and El Porvenir. In Q2, refined zinc and zinc oxide sales totaled 145kt, up 12% from Q1, supported by higher production at Cajamarquilla and Juiz de Fora, along with increased zinc oxide output at Tres Marias. Total production of refined zinc and zinc oxide reached 139kt, up 5% QoQ and down 9% YoY, in line with Nexa’s full-year sales guidance of 560kt to 590kt. Nexa signs third-party concentrate purchase contracts with 3-year moving average TC. Approximately 30% of 2025's purchased volumes are exposed to 2025 TC, with most contracts signed before April. Similar level's expected in 2026.