Time flies as the midpoint of 2026 approaches. The zinc concentrate market has witnessed another extraordinary price cycle this year. As of June 12, domestic zinc concentrate treatment charges (TCs) plunged to -50 yuan per metric ton of zinc metal, marking the arrival of negative TCs. Meanwhile, TCs for imported zinc concentrate tumbled to -71.2 US dollars per dry metric ton, both hitting all-time record lows.

[SMM Zinc Morning Meeting Minutes: US and Iran About to Sign Peace Agreement, LME Zinc Stops Falling and Rebounds]: Last Friday, LME zinc opened at $3,526.5/mt. After opening, LME zinc briefly maintained a fluctuating trend, during which it dipped to a low of $3,511.5/mt, then started a fluctuating upward trend, touching a high of $3,590.5/mt near the close, finally closing up at $3,583/mt, up $57.5/mt, an increase of 1.63%...

[SMM Zinc Morning Comment: LME Boosted SHFE Trends, SHFE Zinc Rose in Night Session] Last Friday, the most-traded SHFE zinc 2608 contract opened at 24,500 yuan/mt. After the opening, SHFE zinc hovered at highs. At the beginning of the session, it dipped to a low of 24,490 yuan/mt, then touched a high of 24,690 yuan/mt during the session, and finally closed up at 24,670 yuan/mt, up 275 yuan/mt..

[SHFE Zinc Records a Bullish Candlestick, Expected to Hover at Highs] The most-traded SHFE zinc 2607 contract opened at 24,190 yuan/mt. After the opening, SHFE zinc fluctuated above the daily average line, reaching a high of 24,445 yuan/mt during this period. Subsequently, bulls reduced their positions, and SHFE zinc edged down to test a low of 24,070 yuan/mt. Near the close, SHFE zinc edged up to recoup some losses, finally closing up at 24,360 yuan/mt, up 195 yuan/mt, a gain of 0.81%. Trading volume fell to 122,000 lots, and open interest declined by 4,821 lots to 75,934 lots.....

[Geopolitical Risks Dominate Market, SHFE and LME Both Move Lower] At the start of the week, the situation in the Middle East remained volatile, and LME zinc fluctuated; subsequently, the US dollar index declined, and LME zinc rose; however, as market expectations for the US Fed to maintain higher interest rates for longer intensified and the US struck Iran, the center of LME zinc shifted lower; then, Trump announced the resumption of “heavy strikes” against Iran, the US-Iran ceasefire agreement was disrupted, and LME zinc quickly moved lower...

[Domestic Zinc Concentrate TCs Reach Negative Territory, TCs Continue to Decline]: On a weekly basis, the average SMM Zn50 domestic weekly TCs fell by 100 yuan/mt Zn WoW to -50 yuan/mt Zn, and the SMM imported zinc concentrate index dropped by $0.45/dmt WoW to -$71.20/dmt..