Zinc futures trade on the Shanghai Futures Exchange (SHFE) and are denominated in RMB. They represent the onshore Chinese price for zinc, a metal used in galvanizing.
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Copper falls 1% as slowing Chinese industrial profits weigh on demand outlook
Copper and other base metals declined ahead of a long holiday week in China after the country's industrial profit growth slowed, deepening investor concerns about the outlook for Chinese demand. Three-month copper on the London Metal Exchange fell 1% to $14,478 a ton at 11:01 a.m. Singapore time, while zinc slipped 0.9% and aluminium dropped 0.7%. China's National Bureau of Statistics said today that industrial company profits rose just 4.2% in August from a year earlier, the weakest pace since November last year and a slowdown from an 11.2% gain in July. Copper has climbed this year after expectations that the U.S. government under President Donald Trump would start imposing tariffs on refined metal drove a surge in American imports, creating tight supply in other markets. While signs of tight supply in the Chinese market have helped keep copper trading not far from a record high, traders are watching macroeconomic drivers closely as consumption and investment weaken, business confidence remains subdued, and Beijing keeps a tight rein on fiscal spending. In the United States, most investors expect the Federal Reserve to raise interest rates in October, a factor that typically weighs on demand for industrial commodities.
Copper falls 0.3% after US inflation tops forecasts, pressuring Fed to raise rates
Copper prices slipped this morning as investors worried that stronger-than-expected US inflation could push the Federal Reserve to raise interest rates, while a firmer dollar also weighed on copper and other metals. Copper contracts on the London Metal Exchange fell 0.3% to 14,193 dollars per tonne at 10:05 am Singapore time today. Zinc fell 0.7% and iron ore dropped 0.4% to 97 dollars per tonne, its fourth straight decline. The US Labor Department said on Friday, September 11, that the headline consumer price index rose 3.4% in August from a year earlier, after also rising 3.4% in July, while core CPI rose 2.4% in August year on year, after a 2.5% gain in July. The CME Group's FedWatch tool shows investors pricing in an 86% chance that the Fed will raise rates by 0.25% at its September 15-16 meeting and tighten again later this year. Copper had earlier surged to a record high on expectations that the US government would impose import tariffs on refined copper, but reports now say the White House is reviewing the plan over concerns that high inflation would raise costs for manufacturers ahead of the midterm elections.
COPPER · Monetary · Negative Stronger-than-expected US inflation and expected Fed rate hikes plus a firmer dollar weighed on copper prices.
IRONORE · Monetary · Negative Iron ore fell 0.4% to $97/tonne, its fourth straight decline, amid the inflation-driven dollar strength and rate concerns.
ZINC · Monetary · Negative Zinc fell 0.7% as the firmer dollar and Fed rate-hike expectations pressured metals.
Boliden has signed an agreement with Votorantim to acquire all of its shares in Nexa Resources, representing a 64.68% stake in the mining company with operations in Brazil and Peru. The deal values Votorantim's Nexa shares at $15.29 per share, a 14.2% premium to Nexa's 20-day average price as of 1 July 2026, with a total implied consideration of $1.31bn. The transaction gives Nexa an equity value of approximately $2.02bn (€1.73bn) and an enterprise value of $3.66bn. Under the terms, Boliden will exchange 0.250 newly issued Boliden shares for each Nexa share, resulting in Votorantim receiving 21.4 million new Boliden shares, about 7% of Boliden's shares and votes. The closing, expected in the first quarter of 2027, is subject to shareholder and regulatory approvals. Boliden's CEO Mikael Staffas said the acquisition positions Boliden as a leading zinc provider and reinforces its standing as a globally important base metal producer. Following closing, Boliden will make a voluntary tender offer for remaining Nexa shares, and the deal is expected to be accretive to earnings per share with no change to dividend policy or financial targets. Boliden's net debt-to-equity ratio would rise from 24% to around 33%, and it plans to finance the transaction with a fully committed $2bn (Skr19.02bn) bridge facility. Nexa will remain listed on the New York Stock Exchange, and Votorantim has agreed to lock-up restrictions on most of the Boliden shares it receives.
CICC Lingnan Fankou Lead-Zinc Mine Roof Fall Accident Kills One, Production Halted
CICC Lingnan announced that a roof fall accident occurred in an underground stope access at its Fankou lead-zinc mine, resulting in one fatality. The company has received a production suspension notice from the Shaoguan Emergency Management Bureau, requiring the Fankou lead-zinc mine to halt operations immediately and conduct a comprehensive safety inspection. Production may only resume after rectifications are completed and verified. The cause of the accident is still under investigation, and the duration of the suspension and its impact on the company's performance cannot be accurately estimated at this time.
Luoping Zinc & Electricity projects a loss of 60 to 80 million yuan in the first half of 2026
Luoping Zinc & Electricity has disclosed its earnings forecast, projecting a net loss attributable to shareholders of 60 to 80 million yuan for the first half of 2026, compared with a loss of 92.1902 million yuan in the same period last year. The net loss after deducting non-recurring items is expected to be 59 to 79 million yuan, versus a loss of 65.4627 million yuan a year earlier. Basic loss per share is estimated at 0.19 to 0.25 yuan. The company stated that increased sales of its main products, zinc ingots and zinc alloys, along with higher selling prices for by-products, drove year-on-year revenue growth. However, rising raw material procurement costs pushed up operating costs, and a significant decline in zinc metal processing fees led to a year-on-year increase in inventory impairment provisions. On the other hand, unit processing costs decreased due to refined management, and non-operating expenses also fell year-on-year, resulting in a narrower loss compared with the same period last year.
002114.CS · Supply · Negative Rising raw material procurement costs and a significant decline in zinc metal processing fees increased operating costs and inventory impairment provisions, despite revenue growth.
ZINC · Supply · Negative The company's disclosure of rising raw material costs and declining processing fees signals supply-side pressure on zinc, which is negative for zinc futures.
Nexa Resources Maintains 2026 Zinc Sales Guidance After Cajamarquilla Smelter Fire
Nexa Resources has kept its 2026 sales guidance intact despite a fire at its Cajamarquilla smelter in Peru on May 13 that caused a temporary suspension and an estimated lost production of 7,000 tons of refined zinc, representing 2% of annual production. The company expects to recover the lost output in the second half of 2026 and still projects consolidated zinc production to increase 6% at the mid-point from the 2025 reported level, driven by higher output at the Aripuanã, Atacocha and Vazante mines, partially offset by lower volumes at Cerro Lindo and El Porvenir. Nexa Resources also anticipates zinc production to rise 8% in 2027 from the 2026 reported level, while 2028 production is expected to be flat as gains from Atacocha, Aripuanã and Vazante are offset by declines at Cerro Lindo and El Porvenir. Consolidated conversion costs for 2026 are forecast to remain flat year over year at 31 to 34 cents per pound, with higher output at Brazilian smelters negated by lower production at Cajamarquilla. The stock has surged 156.3% over the past year, and the Zacks Consensus Estimate for 2026 earnings is $2.82 per share, implying a 231% year-over-year increase.
Jinhui Mining expects first-half 2026 net profit to rise 58.03%–65.93% year-on-year
Jinhui Mining issued a profit forecast, expecting net profit attributable to shareholders of the listed company for the first half of 2026 to be between 400 million and 420 million yuan, representing a year-on-year increase of 58.03% to 65.93%. The profit growth is mainly due to higher silver and zinc metal prices compared with the same period last year, as well as an increase in zinc concentrate production and sales volume.
Scotiabank raised its price target on Nexa Resources to $14.50 from $14 on June 15 while keeping a Sector Perform rating, citing a tighter copper market and insufficient medium-term supply growth. Separately, Nexa provided an update on the gradual resumption of operations at its Cajamarquilla smelter in Peru following a May 13 incident, estimating a production impact of approximately 7,000 tonnes of refined zinc in the second quarter of 2026, which represents about 2% of annual production and is expected to be recovered in the second half of the year. The company's 2026 sales guidance remains unchanged.
ZINC · Supply · Negative Nexa's Cajamarquilla smelter incident reduces zinc production by 7,000 tonnes, tightening supply, which is positive for zinc prices.
Southern Copper’s zinc surge slashes costs, offsets copper output drop
Southern Copper’s zinc production surged 36% year-over-year in 2025, driven by the new Buenavista zinc concentrator, sharply reducing net cash costs for copper to just $0.58 per pound. Management attributed the cost drop mainly to a $0.34 increase in by-product revenue credits, with zinc as the primary driver. The company deliberately prioritized zinc over copper at Buenavista after finding high-grade ore, a strategy that helps insulate profitability against an expected 4.7% decline in copper production next year due to lower ore grades at Peruvian operations.
Arctic Gateway Group Expands Critical Minerals Shipments on Hudson Bay Railway
Arctic Gateway Group announced new concentrate shipments from northern Saskatchewan and Manitoba are moving across the Hudson Bay Railway network. Eldorado Gold Saskatchewan will soon ship concentrate from the McIlvenna Bay mine to eastern Canada via the railway's Flin Flon subdivision, following Eldorado Gold Corporation's acquisition of Foran Mining. In Manitoba, zinc concentrate shipments from Hudbay's Snow Lake operations are heading north to the Port of Churchill for export to European markets later this summer, marking the third consecutive year of such shipments. The railway has undergone significant upgrades and AGG is working with federal and provincial partners on further modernization to meet North American industrial weight standards and fully interoperate with Canada's Class 1 rail network.
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