According to the latest customs data, China imported 396,500 metric tons (gross weight) of zinc concentrate in May 2026, down 11.42% (51,100 metric tons) from April and 19.31% lower year-on-year. Cumulative imports during January–May reached 2.3987 million metric tons, representing an increase of 8.84% compared with the same period last year.

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 Morning Brief: Overnight LME copper opened at $13,452/mt, fluctuated downward in early trading to a low of $13,395/mt, then its price center gradually moved up to reach $13,608.5/mt, before fluctuating downward again to finally close at $13,449/mt, a decline of 0.81%. Trading volume reached 24,800 lots, and open interest stood at 267,000 lots, an increase of 976 lots from the previous trading day, which was characterized by bears adding positions. Overnight, the most-traded SHFE copper 2607 contract opened at 103,500 yuan/mt, dipped in early trading to 103,480 yuan/mt, then fluctuated upward to a high of 104,340 yuan/mt, after which the center of copper prices fluctuated downward, moved sideways near the session's end, and finally closed at 103,650 yuan/mt, a decline of 0.79%. Trading volume reached 39,700 lots, and open interest stood at 157,000 lots, a decrease of 3,255 lots from the previous trading day, which was characterized by bulls reducing positions.

[Domestic zinc concentrate TCs see more negative deals, overall decline continues]: From weekly data, SMM Zn50 domestic weekly average TCs fell 100 yuan/mt Zn WoW to 50 yuan/mt Zn, and the SMM imported zinc concentrate index dropped $7.3/dmt WoW to -$70.75/dmt..

On June 4th, Ivanhoe Mines announced that the Kipushi Mine produced a record 25,677 tonnes of zinc in concentrate in May, up 12% from the previous record set in January 2026. During the month, Kipushi mined and hoisted 85,811 tonnes of ore. As of the end of May, surface high-grade run-of-mine stockpiles stood at approximately 12,000 tonnes, grading around 37% zinc, while lower-grade stockpiles totalled approximately 254,000 tonnes at an average grade of around 22% zinc. Kipushi’s year-to-date zinc production reached approximately 110,000 tonnes, putting the mine on track to meet its 2026 production guidance of 240,000–290,000 tonnes and rank among the world’s four largest zinc mines. Construction of Kipushi’s second tailings storage facility was more than 90% complete, with the first deposition of tailings expected in October 2026.

[June Refined Zinc Production to Decline, Smelter Profitability in Focus] According to SMM data, China's refined zinc production in May 2026 was down 0.41% MoM but up over 5.8% YoY. Cumulative smelter production from January to May was up nearly 5.8% YoY, exceeding expectations.

On May 29, Nexa Resources said its Cajamarquilla zinc smelter in Peru is gradually resuming production following the incident reported on May 13. the electrolysis lines are now fully operational, while one casting line has been back in operation and is currently producing zinc bars. Nexa plans to restart the second casting line within the next few days, followed by the final casting line by mid-June. As a result of the temporary disruption, Nexa estimates a refined zinc production impact of approximately 7,000 mt in Q2 2026, equivalent to around 2% of annual production. The company expects to recover the lost output during H2 2026 and has kept its 2026 sales guidance unchanged. No material financial impact's expected from the incident, with the cause remain under investigation.

[Frequent Market Disruptions Drive SHFE and LME Prices Higher] At the beginning of the week, the tug-of-war between longs and shorts intensified. On the macro front, the Middle East situation remained unresolved and market uncertainty persisted, but the US dollar index retreated from highs. Combined with persistently low zinc ingot inventory outside China, LME zinc maintained a fluctuating trend......

As mid-year approaches, financial reports of major listed overseas mining companies for the first quarter have all been released. A combination of earthquakes, falling ore grades, floods and other disruptions has hampered global mine operations, driving down overseas zinc concentrate output both year-on-year and quarter-on-quarter in Q1 2026.

[Vedanta Q1 Production Release] Vedanta released its FY2026 Q1 report, which showed that Vedanta's zinc concentrates metal production totaled 364,000 mt in the quarter, up 1% YoY. Specifically, Zinc India's Q1 zinc ore production was 31,500 mt, up 2% YoY, mainly benefiting from increased ore production and improved grade; Zinc International's Q1 zinc ore production was 49,000 mt, down 3% YoY, primarily due to lower feed grade and reduced lead recovery, partially offset by higher milling throughput.