Zinc Hits 4-week High

Zinc futures rose to around $3,340 per tonne, marking their highest level in a month, following an initial US-Iran ceasefire that eased fears of a major geopolitical escalation. The agreement came just before President Donald Trump’s ultimatum to Iran was set to expire, with Trump suspending all military actions for two weeks and Tehran stating that passage through the Strait of Hormuz would be allowed under its military management. Further supporting prices were improving industrial signals and short-term supply tightness. China’s factory activity returned to expansion in March, lifting demand expectations. Supply-side constraints, including low stockpiles and disruptions caused by mine closures and operational delays, also underpinned prices. Meanwhile, the restart of Boliden’s Tara mine and ramp-up of production at Ivanhoe Mines’ Kipushi project are expected to keep the market in a modest surplus.

Zinc increased to 3354.00 USD/T, the highest since March 2026. Over the past 4 weeks, Zinc gained 0.74%, and in the last 12 months, it increased 30.62%.

Zinc futures hovered below $3,300 per tonne, holding their retreat from a near three-week high, amid fears that a prolonged Middle East conflict could dampen demand. President Trump issued an ultimatum to Iran to reopen the Strait of Hormuz, warning that the US would target Iran’s bridges and power infrastructure if Tehran failed to comply. Iran rejected the ultimatum and a mediated proposal for a temporary ceasefire. The situation also drove investors toward the US dollar as a preferred safe-haven asset, adding further pressure on dollar-denominated commodities. Still, the downside was limited by improving industrial signals and short-term supply tightness. China’s factory activity returned to expansion in March, lifting demand expectations. Supply constraints, including earlier mine closures and delays, also supported prices. Meanwhile, the restart of Boliden’s Tara mine and ramp-up of production at Ivanhoe Mines’ Kipushi project are expected to keep the market in a modest surplus.