SMM

Zinc prices remained rangebound last week. On the fundamental front, domestic zinc concentrate TCs rose on the back of the inflow of imported zinc concentrate and expectations of output cuts at domestic smelters, reducing the dependence on domestic zinc concentrate. But the current zinc prices are low, and the profit at mines is poor. Profit at mines, however, reached a three-year high thanks to higher TCs. Any upward room for TCs will be limited.