Lead

Silver’s byproduct-heavy supply chain is drawing renewed attention after global lead and zinc mine production fell in the first half of 2026. The pressure supports the bullish supply argument, but comfortable Western inventories show the physical market has not yet tightened visibly.

Peru’s political and mining landscape is drawing closer attention from silver investors because the country accounts for about 15% of global mine supply. With the market already forecast to face another annual deficit, any disruption in Peruvian mining regions could sharpen concern over supply concentration.

Silvercorp Metals has quantified a production hit from China’s expanded underground mine safety requirements, putting a meaningful volume of silver at risk this quarter. The move gives the silver market a concrete example of how non price factors can limit supply response even during a bullish cycle.