Zinc Rises to 3-Year High

2026-01-26 14:33 By Andre Joaquim 1 min. read

Zinc futures in the UK rose to $3,400 per tonne in January, the highest in three years, and aligned with the bullish momentum for base metals due to concerns of tight supply.

Refined zinc production was on track to fall 2% last year, per the latest data, despite the 6.3% jump in mined output, consistent with output curbs among smelters in Kazakhstan and Japan, with the latter being pressured by the closure of the key Toho Zinc Annaka plant.

Likewise, treatment charges for zinc rose toward $100 per ton after being negative $115 in the end of last year, according to private surveys.

Consequently, stocks at the LME sank to 110 thousand tonnes, compared to 230.5 thousand tonnes at the start of last year, after their near depletion of on-and off-warrant stocks at the start of the fourth quarter.

Base metals also received broad support from expectations that electrification push and datacenter investments would maintain consumption of industrial inputs despite headwinds to global growth.



News Stream
Zinc Falls from 3-Year High
Zinc futures in the UK fell to $3,300 per tonne from the three-year high of $3,430, tracking the pullback in base metals as a rebound in the dollar drove investors to reconsider their speculative positions in metals. Still, pressure on global refining capacity maintained supply pressures for zinc. Refined zinc production was on track to fall 2% last year, per the latest data, despite the 6.3% jump in mined output, consistent with output curbs among smelters in Kazakhstan and Japan, with the latter being pressured by the closure of the key Toho Zinc Annaka plant. Likewise, treatment charges for zinc rose toward $100 per ton after being negative $115 in the end of last year, according to private surveys. Consequently, stocks at the LME sank to 110 thousand tonnes, compared to 230.5 thousand tonnes at the start of last year, after their near depletion of at the start of the fourth quarter. Base metals also received support from the electrification push and datacenter investments.
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Zinc Rises to 3-Year High
Zinc futures in the UK rose to $3,400 per tonne in January, the highest in three years, and aligned with the bullish momentum for base metals due to concerns of tight supply. Refined zinc production was on track to fall 2% last year, per the latest data, despite the 6.3% jump in mined output, consistent with output curbs among smelters in Kazakhstan and Japan, with the latter being pressured by the closure of the key Toho Zinc Annaka plant. Likewise, treatment charges for zinc rose toward $100 per ton after being negative $115 in the end of last year, according to private surveys. Consequently, stocks at the LME sank to 110 thousand tonnes, compared to 230.5 thousand tonnes at the start of last year, after their near depletion of on-and off-warrant stocks at the start of the fourth quarter. Base metals also received broad support from expectations that electrification push and datacenter investments would maintain consumption of industrial inputs despite headwinds to global growth.
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