Group 1: Report Investment Rating - No investment rating information provided in the report Group 2: Core View - The report predicts that Shanghai lead will be in wide - range consolidation, and the rebound space of Shanghai zinc is limited. For lead, although the downstream has not entered the peak season and there is a risk of inventory accumulation, the shortage of waste batteries, increased losses of secondary lead smelters, and uncertain production start make the lead price have strong support below, and it will maintain range consolidation in the short term. For zinc, considering the supply - side suppression and inventory accumulation expectations, the rebound space of zinc price is limited, and the strategy still maintains a short - allocation view [1] Group 3: Lead Market Summary Price and Trading - On the previous trading day, the average price of SMM1 lead ingots increased by 0.45% compared with the previous day, and the closing price of Shanghai lead's main contract increased by 0.68% compared with the previous day. The open interest of the active futures contract decreased by 15.35%, and the trading - to - open - interest ratio increased by 22.69% [1] Supply - The production of primary lead has been stable with a slight increase, and the overall fluctuation is not large. In the secondary lead sector, the price of waste lead - acid batteries has risen continuously, the supply of recyclers is limited, and the stores are reluctant to sell due to the expectation of price increases. Secondary lead smelters are forced to raise prices, and some smelters have reduced or suspended production due to raw material shortages or cost - price inversions. The production start is at a relatively low level, and some enterprises have temporarily withheld products from the market due to losses [1] Demand - The current market is gradually shifting from the off - season to the peak season, and downstream procurement is expected to improve, which may reduce the drag on lead prices [1] Inventory - LME lead inventory remained unchanged at 287,425 tons, and Shanghai lead warrant inventory decreased by 1.41% to 43,761 tons [1] Group 4: Zinc Market Summary Price and Trading - On the previous trading day, the average price of SMM1 zinc ingots decreased by 0.95% compared with the previous day, and the closing price of Shanghai zinc's main contract decreased by 0.88%. The trading volume of the active futures contract decreased by 7.45%, and the trading - to - open - interest ratio increased by 2.68% [1] Supply - Zinc smelters have sufficient raw material stocks, and zinc concentrate processing fees have continued to rise. The domestic zinc concentrate processing fee remained flat at 3,600 yuan/metal ton last week, and the imported zinc concentrate processing fee remained flat at 45 dollars/dry ton. The shortage of zinc concentrate has been alleviated, and the production of smelters is expected to increase [1] Demand - The terminal is in the off - season. After the decline of zinc price this week, the downstream production start and procurement have improved to some extent. The production start of the galvanizing and die - casting zinc alloy sectors has rebounded, while the production start of zinc oxide has slightly declined due to the weakening of some orders [1] Inventory - LME zinc inventory remained unchanged at 127,475 tons, and Shanghai zinc warrant inventory decreased by 11.29% to 8,595 tons. As of June 19, the total inventory of SMM zinc ingots in seven regions was 79,600 tons, an increase of 2,500 tons compared with June 12 and an increase of 1,500 tons compared with June 16 [1] Group 5: Industry News - Shanghai is considering optimizing the "trade - in" subsidy policy for electric bicycles, simplifying procedures, exploring license - free replacement and remote authentication, and may extend the subsidy policy [1] - A large secondary lead smelter in North China has postponed its resumption of production due to poor raw material arrival, initially planning to resume production at the end of July [1] - As of June 19, the zinc ingot inventory in Shanghai Free Trade Zone was 6,000 tons, remaining flat compared with last week [1]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - Geopolitical conflicts have escalated, leading to a decline in macro - risk appetite. Fundamental support has increased, with a sequential decline in recycled lead supply due to environmental inspections and losses. However, consumption is in the transition phase between peak and off - peak seasons, showing no obvious recovery, and inventory has increased slightly, slowing down the upward momentum of lead prices. Supply - side contradictions support lead prices to fluctuate strongly, but significant improvement in consumption is needed to effectively open up the upside space. Short - term attention should be paid to the resistance around 17,200 yuan/ton [3][7] Summary by Directory 1. Transaction Data - From June 6th to June 13th, the SHFE lead price rose from 16,780 yuan/ton to 16,945 yuan/ton, an increase of 165 yuan/ton; the LME lead price rose from 1,974 dollars/ton to 1,992.5 dollars/ton, an increase of 18.5 dollars/ton; the SHFE - LME ratio remained unchanged at 8.50. The SHFE inventory increased by 1,875 tons to 49,811 tons, the LME inventory decreased by 16,300 tons to 264,975 tons, and the social inventory increased by 0.08 million tons to 5.47 million tons. The spot premium decreased by 15 yuan/ton to - 205 yuan/ton [4] 2. Market Review - Last week, the price center of the main SHFE lead contract PB2507 moved up, mainly boosted by the production cuts of recycled lead smelters in Inner Mongolia and Anhui due to environmental inspections. However, the increase was slowed down by the inventory increase, and it finally closed at 16,945 yuan/ton, a weekly increase of 0.98%. The LME lead price maintained a sideways shock, closing at 1,992 dollars/ton, a weekly increase of 0.91%. In the spot market, by June 13th, the price of Chihong and Honglu lead in the Shanghai market was 16,930 - 16,980 yuan/ton, at a discount of 50 - 0 yuan/ton to the SHFE 2507 contract. The ex - factory prices of electrolytic lead smelters were firm, and recycled lead smelters actively quoted for sales. Downstream enterprises were more cautious, with fewer inquiries and weaker spot market transactions [5] 3. Industry News - As of the week of June 13th, the weekly processing fees for domestic and foreign zinc concentrates were reported at 600 yuan/metal ton and - 45 dollars/dry ton respectively, remaining unchanged from the previous week [8] 4. Related Charts - The report provides 14 charts, including SHFE and LME lead prices, SHFE - LME ratio, inventory, lead price premiums and discounts, price differences between primary and recycled lead, recycled lead enterprise profits, lead ore processing fees, production of primary and recycled lead, social inventory of lead ingots, and refined lead import profit and loss [10][12][13]

Report Industry Investment Rating - The report does not provide an industry investment rating [1] Core Viewpoints - For lead, although downstream has not entered the peak season and there is still a risk of inventory accumulation, the continuous shortage of waste batteries, increased losses of secondary lead smelters, and high uncertainty in production start-up provide strong support for lead prices. Future attention should be paid to the improvement of demand and macro uncertainties [1] - For zinc, recent macro sentiment has improved, and downstream spot trading has improved after the zinc price decline. However, considering supply-side suppression and inventory accumulation expectations, the rebound space of zinc prices may be limited, and a short position strategy is still recommended [1] Summary by Relevant Catalogs Lead - **Price and Market Indicators**: On June 16, 2025, the average price of SMM 1 lead ingots was 16,775 yuan/ton, up 0.45%; the closing price of the futures main contract was 16,945 yuan/ton, up 0.33%; the Shanghai lead basis was -170 yuan/ton, up 20 yuan; the LME 3-month lead futures closing price (electronic trading) was 1,992.50 US dollars/ton, up 0.03%; the Shanghai-London lead price ratio was 8.50, up 0.30% [1] - **Industry Data**: From June 7 to June 13, the weekly operating rate of SMM primary lead enterprises was 70.79%, a week-on-week increase of 0.33 percentage points; the weekly operating rate of secondary lead enterprises was 32.1%, a week-on-week decrease of 4.1 percentage points; the weekly operating rate of lead battery enterprises was 72.19%, a week-on-week increase of 11.8 percentage points. As of June 13, the finished product inventory of secondary lead smelters was 25,000 tons, an increase of 2,050 tons from the previous week. The silver pricing coefficient in lead concentrates has not changed [1] - **Market Analysis**: The production of primary lead is stable with a slight increase, while secondary lead production is at a relatively low level due to raw material shortages and cost issues. The demand side is gradually shifting from the off-season to the peak season, and the drag on lead prices may slow down [1] Zinc - **Price and Market Indicators**: On June 16, 2025, the average price of SMM 1 zinc ingots was 22,170 yuan/ton, down 0.31%; the closing price of the futures main contract was 21,815 yuan/ton, down 1.22%; the Shanghai zinc basis was 355 yuan/ton, up 200 yuan; the LME 3-month zinc futures closing price (electronic trading) was 2,626.50 US dollars/ton, down 0.66%; the Shanghai-London zinc price ratio was 8.31, down 0.56% [1] - **Industry Data**: From June 7 to June 13, the weekly operating rate of galvanizing enterprises was 60.06%, a week-on-week increase of 0.48 percentage points; the weekly operating rate of die-cast zinc alloy enterprises was 59.84%, a week-on-week increase of 6.16 percentage points; the weekly operating rate of zinc oxide enterprises was 58.92%, a week-on-week decrease of 0.58 percentage points. Last week, there were overseas zinc mine tenders with a tender volume of about 10,000 tons each [1] - **Market Analysis**: Zinc smelters have sufficient raw material reserves, and zinc concentrate processing fees are rising. The supply-side pressure is increasing, while the demand side is in the off-season, with mixed performance in different sectors [1]

风险提示：期市有风险，投资需谨慎！ | | | | 铅锌日评20250613：沪铅下方支撑较强；沪锌反弹空间有限 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/6/13 | | 指标 单位 | 今值 | | 变动 近期趋势 | | | | | | | SMM1#铅锭平均价格 元/吨 16,700.00 | | | 0.45% | | | | | | | 沪铅期现价格 期货主力合约收盘价 元/吨 16,890.00 | | | 0.27% | | | | | | | 沪铅基差 元/吨 -190.00 升贴水-上海 元/吨 -25.00 | | | 30.00 - | | | | | | | 升贴水-LME 0-3 美元/吨 -27.67 | | | 0.98 | | | | | | 价差 | 升贴水-LME 3-15 美元/吨 -66.30 | | | -0.20 | | | | | | | 沪铅近月-沪铅连一 元/吨 -10.00 | | | 15.00 | | | | | 铅 | | 沪铅连一-沪铅连二 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Views - For lead, although downstream consumption is in the off - season with high inventory accumulation risk, due to the continuous shortage of waste batteries, the losses of secondary lead smelters have expanded, and some enterprises have suspended shipments. So, the lead price may rebound in the short - term. Follow - up attention should be paid to the effectiveness of cost support and macro uncertainties [1]. - For zinc, the zinc market has strong supply and weak demand. The inventory is at a relatively low level, providing some support for the near - term. In the short - term, the zinc price will mainly fluctuate within a range. In the long - term, the TC has room to rise, and the center of the zinc price may shift down. It is recommended to sell on rallies, and continuous attention should be paid to macro - sentiment disturbances [1]. 3) Summary by Related Catalogs Lead - **Price and Market Indicators**: The average price of SMM1 lead ingots remained unchanged at 16,500 yuan/ton. The closing price of the futures main contract rose 0.51% to 16,780 yuan/ton. The Shanghai lead basis was - 280 yuan/ton, down 85 yuan/ton. The trading volume of the futures active contract was 30,853 hands, down 0.20%, and the open interest was 49,975 hands, down 1.01%. The LME inventory was 281,275 tons, unchanged, and the Shanghai lead warrant inventory was 41,799 tons, up 0.24%. The LME 3 - month lead futures closing price (electronic) was 1,974 dollars/ton, down 0.35%, and the Shanghai - London lead price ratio was 8.50, up 0.87% [1]. - **Industry Data**: From May 31 to June 6, the weekly operating rate of SMM primary lead enterprises was 70.46%, up 1.46 percentage points month - on - month; the weekly operating rate of secondary lead enterprises was 36.2%, down 3.8 percentage points; the weekly operating rate of lead - acid battery enterprises was 60.39%, down 10.1 percentage points. As of June 6, the total inventory of lead concentrates at major domestic ports was 10,000 tons. In May, the supply of imported lead concentrates was tight, and the processing fee was lowered again [1]. Zinc - **Price and Market Indicators**: The average price of SMM1 zinc ingots was 22,590 yuan/ton, down 0.83%. The closing price of the futures main contract rose 0.20% to 22,385 yuan/ton. The Shanghai zinc basis was 205 yuan/ton, down 235 yuan/ton. The trading volume of the futures active contract was 173,548 hands, up 18.16%, and the open interest was 119,647 hands, down 3.96%. The LME inventory was 136,975 tons, unchanged, and the Shanghai zinc warrant inventory was 2,004 tons, unchanged. The LME 3 - month zinc futures closing price (electronic) was 2,662.5 dollars/ton, down 0.95%, and the Shanghai - London zinc price ratio was 8.41, up 1.16% [1]. - **Industry Data**: From May 31 to June 6, the weekly operating rate of galvanized enterprises was 59.58%, up 7.41 percentage points month - on - month; the weekly operating rate of die - casting zinc alloy enterprises was 53.68%, up 4.87 percentage points; the weekly operating rate of zinc oxide enterprises was 59.5%, down 0.58 percentage points. In May, the comprehensive operating rate of SMM zinc concentrates was 73%, up 6.2% month - on - month, and it is expected to reach 77% in June. As of June 6, the total inventory of SMM zinc concentrates at major Chinese ports was 345,500 tons, up 29,500 tons from last week [1].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The zinc price's box - style oscillation pattern awaits a breakthrough, while the lead price is expected to remain volatile. Attention should be focused on the price trend of waste batteries [4][64]. 3. Summary According to the Table of Contents 3.1 Report Abstract - The US ADP employment increase in a certain month was 1.37 million, lower than the expected 1.5 million and the previous value of 2.625 million, reaching the lowest level in years. The market focused on this data [4]. - China's manufacturing PMI in a certain month was 49.5%, up 0.5 percentage points from the previous month, but still below the critical point. It was the first time to fall below the critical point in a certain period [4]. - The European Central Bank mentioned continued small - scale interest rate cuts, and countries would increase investment in national defense and infrastructure, providing support on a broader macro - level [4]. - The China Zinc Raw Material Joint Negotiation (Coordination) Group announced the guidance price range for imported zinc concentrate procurement fees in the third quarter of 2025 [4]. - The supply of zinc raw materials remained loose, and the zinc ingot output might have a large - scale increase. The domestic zinc ingot social inventory decreased slightly, and the low inventory supported the zinc price [4]. - The supply of recycled lead was unstable, and the inventory of lead ingots in the national market increased. The consumption of waste batteries was weak, and the lead price was expected to remain volatile [4]. 3.2 Multi - and Short - Focus 3.2.1 Multi - and Short - Factors Analysis (Zinc) - Bullish factors: The output of domestic and foreign zinc mines may accelerate in June, and the zinc ingot output ratio may have a large - scale increase, and the social inventory has decreased [7]. - Bearish factors: The consumption end is weak [7]. 3.2.2 Multi - and Short - Factors Analysis (Lead) - Bullish factors: The supply of recycled lead is still unstable [10]. - Bearish factors: The operating rate of primary lead enterprises is high, the price of waste batteries is running weakly, and the off - season consumption has not improved significantly [10]. 3.3 Data Analysis 3.3.1 Zinc - Related Data - In April, China's zinc ore concentrate imports were 494,662.21 tons, with a month - on - month increase of 37.64% and a year - on - year increase of 72.63%. The supply from major countries increased, and Australia became the top supplier [12]. - In June, the average domestic zinc concentrate TC increased by 150 yuan/metal ton to 3,650 yuan/metal ton, and the average imported ore TC increased by 10 dollars/dry ton to 55 dollars/dry ton. The China Zinc Raw Material Joint Negotiation (Coordination) Group released the guidance price range for imported zinc concentrate procurement fees [15]. - The price of zinc concentrate slightly increased. The price of 50% zinc concentrate in Hechi was 17,930 yuan/ton, up 90 yuan/ton from the previous week; in Chenzhou, it was 17,700 yuan/ton, up 70 yuan/ton from the previous week [20]. - In April, China's refined zinc output was 576,000 tons, down 39,000 tons from March, with a year - on - year slight increase of 0.3%. From January to April, the cumulative output was 2.333 million tons, and the year - on - year decline narrowed to 2.9%. Due to the increase in zinc ore processing fees, the smelter's production profit was repaired [23]. - In April, refined zinc imports were 28,200 tons, with a month - on - month increase of 2.4% and a year - on - year decrease of 38.66%. From January to April, the cumulative imports were 129,200 tons, with a year - on - year decrease of 9.44% [26]. - Policies such as the new energy vehicle countryside campaign and urban renewal were introduced, which may have an impact on the consumption of zinc in related industries [30]. - As of June 5, the LME zinc inventory was 137,150 tons, down 1.44% from the previous week. The SHFE zinc inventory decreased by 4% to 42,310 tons in the week of May 30. As of June 5, the zinc ingot inventory in the national main markets was 58,300 tons, down 900 tons from June 3 [33]. 3.3.2 Lead - Related Data - This week, the lead futures and spot prices rebounded after hitting the bottom. The basis was 55 yuan/ton, and the premium range narrowed. The price difference between 1 lead and recycled refined lead was 110 yuan/ton, down 60 yuan/ton from the previous week [38]. - The weekly price of 60% lead concentrate in Kunming decreased by 257 yuan/ton, and in Baoji, it decreased by 251 yuan/ton. As of May 30, the lead concentrate processing fees in different regions changed, with some decreasing and some increasing [42]. - In April 2025, the lead concentrate imports were 111,046 physical tons, with a month - on - month decrease of 4.3% and a year - on - year increase of 22.1%. As of 2025, the cumulative lead concentrate imports were about 448,700 physical tons, with a year - on - year increase of 41%. In April, the refined lead imports were 4,734 tons, with a month - on - month increase of 65% [46]. - In April 2025, China's lead output was 664,000 tons, with a year - on - year decrease of 1%. Both primary lead and recycled lead production decreased in April, but some enterprises resumed production in May [48]. - The operating rate of primary lead increased by 5.98 percentage points to 66.26%. The operating rate of recycled lead enterprises increased by 10.94 percentage points to 62.91%, and the operating rate of lead batteries increased by 1.99 percentage points to 74.34% [51][53][57]. - Last week, the LME lead inventory decreased after a large - scale increase, and the SHFE lead inventory decreased by 3.98% to 46,500 tons in the week of May 30. As of June 5, the national main market lead ingot social inventory was 50,800 tons, up 3,900 tons from June 3 [61]. 3.4 Market Outlook - The zinc price's box - style oscillation pattern awaits a breakthrough; the lead price is expected to remain volatile, and attention should be paid to the price trend of waste batteries [64].

Core Viewpoint - The company has completed the construction of a resource comprehensive utilization project that enhances its green and low-carbon transformation while achieving comprehensive recovery of valuable metals such as silver, indium, lead, and zinc [1][2]. Group 1: Project Overview - The resource comprehensive utilization project utilizes a "hot acid leaching - low pollution iron removal - three-stage antimony salt purification" wet zinc smelting process, with an annual production capacity of 210,000 tons of zinc products and 400,000 tons of sulfuric acid [1]. - The project generates approximately 225,000 tons of leaching residue (wet basis) annually, which necessitated the establishment of a harmless treatment system for leaching residue to comply with industry standards [1]. Group 2: Environmental and Economic Impact - The project significantly reduces industrial hazardous waste emissions, reflecting the company's commitment to accelerating its green transformation [2]. - The company's total investment in energy conservation and environmental protection is projected to increase from 88 million to 541 million yuan from 2022 to 2024, indicating a strong focus on high-quality environmental initiatives [2]. Group 3: Compliance and Sustainability Efforts - In response to increasingly stringent environmental policies, the company is enhancing its environmental management system, promoting green mining, and ensuring compliance with pollution discharge standards [2]. - The company has seen a significant reduction in greenhouse gas emissions over the past three years, with total emissions of 778,100 tons, 745,300 tons, and 722,600 tons of CO2 equivalent, respectively, demonstrating a substantial downward trend [2]. Group 4: Corporate Responsibility - The company is committed to fulfilling its ESG responsibilities by balancing economic growth with environmental sustainability, focusing on efficient resource utilization and ecosystem restoration [3].

6. 一财记者走访多家供应商发现，随着中国汽车市场打起"价格战"，上游企业利润空间持续压缩至 10%，账期也长达120天。业内人士认为"价格战"可能导致供应商陷入亏损和汽车质量安全问题。 7. 上期所公告，自2025年5月29日（星期四）收盘结算时起，氧化铝期货合约的涨跌停板幅度从7%上调 至9%，套保交易保证金比例从8%上调至10%，投机交易保证金比例从9%上调至11%；白银期货合约的 涨跌停板幅度从11%上调至12%，套保交易保证金比例从12%上调至13%，投机交易保证金比例从13% 上调至14%。 8. 阿拉丁（ALD）调研了解，贵州某中型氧化铝企业近日开始复产，暂未形成满产，阶段运行产能60 万吨左右，以满足长单交付为主，后续企业重点关注近期氧化铝价格走势再定满产节奏 9. 国际铝业协会（IAI）数据显示，2025年4月全球氧化铝产量为1240.7万吨，日均产量为41.36万吨；中 国2025年4月氧化铝预估产量为738.4万吨。 金十数据整理：每日期货市场要闻速递（5月28日） 1. 上期能源公告，自2025年5月29日（星期四）收盘结算时起，集运指数（欧线）期货合约的涨跌停板 幅度从16%上调至1 ...

Price Overview - On May 27, the spot price of lead ingots in Shanghai was quoted at 16,625.00 CNY/ton, which is a discount of 200.00 CNY/ton compared to the futures main price of 16,825.00 CNY/ton [1] - The closing price for the main Shanghai lead futures contract on May 27 was 16,825.00 CNY/ton, with a slight decline of 0.09%, reaching a high of 16,850.00 CNY/ton and a low of 16,745.00 CNY/ton during the day [2] Market Dynamics - A lead-zinc smelting plant in a southern region of China underwent temporary maintenance this week, leading to reduced production in the precious metals workshop, with the specific recovery time yet to be determined [2] - As of May 23, the inventory of Shanghai lead futures recorded 48,428.00 tons, a decrease of 7,044.00 tons compared to the previous trading day [2] Supply and Demand Analysis - According to New Lake Futures research, primary lead smelters are maintaining stable production levels, while the treatment charge (TC) for lead ore is on a downward trend [3] - The recycling sector has seen continuous low operating rates for recycled lead smelters due to ongoing losses, but profits are expected to recover as the price of waste batteries declines [3] - The traditional consumption season for lead-acid batteries is currently slow, with dealers holding high inventory levels, leading battery manufacturers to adjust production based on sales [3] - As of this week, domestic social inventory stands at 4.34 tons, with a reduction of 0.69 million tons, indicating a preference for warehouse stock among downstream players [3] - Last week, LME lead inventory saw a significant delivery of 50,000 tons, reaching a nearly 10-year high [3] - Overall, the combination of the off-peak season and weakened support from waste battery prices suggests a potential downward shift in lead prices in the short term [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The raw material shortage has led to production cuts at lead smelters, providing strong support for the downside of lead prices. The lead price is expected to trade in a wide range in the short term, with subsequent focus on macro uncertainties [1]. - The fundamentals of Shanghai zinc are weak, and it is expected to trade in a wide range in the short term. In the medium to long term, the TC has room to rise, and the center of the zinc price may shift downwards. A strategy of shorting on rebounds is recommended, with subsequent focus on macro - sentiment disturbances [1]. 3. Summary by Relevant Catalogs 3.1 Lead Market - **Price and Market Indicators**: On May 23, 2025, the average price of SMM1 lead ingots was 16,625 yuan/ton, down 0.60% from the previous day. The closing price of the futures main contract was 16,685 yuan/ton, down 1.27%. The trading volume of the futures active contract increased by 106.00% to 42,980 lots, and the open interest increased by 170.23% to 45,301 lots. The LME inventory was 295,825 tons, and the Shanghai lead warehouse receipt inventory was 39,327 tons, down 4.30% [1]. - **Fundamentals**: The operation of primary lead smelters was stable with a slight increase. For secondary lead, the price of waste lead - acid batteries rose continuously, and recyclers had limited supplies. Some smelters cut or stopped production due to cost inversion, and the operating rate declined significantly. The demand was in the off - season, with weak downstream procurement [1]. - **Inventory**: As of May 22, the total inventory of SMM lead ingots in five locations was 5.03 million tons, a decrease of 0.57 million tons from May 15 and 0.88 million tons from May 19 [1]. 3.2 Zinc Market - **Price and Market Indicators**: On May 23, 2025, the average price of SMM1 zinc ingots was 22,580 yuan/ton, down 0.48% from the previous day. The closing price of the futures main contract was 22,455 yuan/ton, down 0.55%. The trading volume of the futures active contract decreased by 16.49% to 82,262 lots, and the open interest decreased by 11.19% to 59,658 lots. The LME inventory was 156,225 tons, and the Shanghai zinc warehouse receipt inventory was 1,400 tons [1]. - **Fundamentals**: Zinc smelters had sufficient raw material stocks, and the zinc concentrate processing fee continued to rise. The production of smelters increased, but the terminal demand had not improved, and downstream enterprises were bearish on the future zinc price and had weak procurement enthusiasm. Different downstream sectors had different performances [1]. - **Inventory**: As of May 22, the total inventory of SMM zinc ingots in seven locations was 8.04 million tons, a decrease of 0.59 million tons from May 15 and 0.34 million tons from May 19 [1]. 3.3 Other Information - The Port Pirie multi - metal smelter in Australia, owned by Nyrstar, has the capacity to produce up to 5,000 tons of antimony metal or antimony trioxide per year but needs additional processing steps and government funding. The Australian smelting industry is facing challenges from high domestic electricity costs and over - capacity in China [1]. - Canadian mining company Foran Mining plans to raise 350 million Canadian dollars through non - brokered private placement for the construction and exploration of the McIlvenna Bay copper - zinc project. The project is expected to start commercial production in mid - 2026 [1].