Zinc Hits 3-year High

Zinc increased to 3589.00 USD/T, the highest since August 2022. Over the past 4 weeks, Zinc gained 5.62%, and in the last 12 months, it increased 31.5%.

Zinc increased to 3500.00 USD/T, the highest since January 2026. Over the past 4 weeks, Zinc gained 5.4%, and in the last 12 months, it increased 28.82%.

Zinc futures rose to $3,600 per tonne, moving back to a more than 3½-year high amid tightening near-term supply. The decline in LME inventories, alongside a narrowing Cash-3M contango, signaled reduced prompt availability. Falling treatment charges for zinc concentrate also underscored constraints in raw material supply. Additionally, stocks at the Shanghai Futures Exchange continued to drop and port-side concentrate inventories fell sharply. Ongoing mine closures and operational disruptions are further straining supply. Some relief, however, may come from the expected restart of Boliden’s Tara mine, the ramp-up of Ivanhoe’s Kipushi project, and the resumption of output at Garpenberg in the second quarter, all of which could add incremental supply. On the demand side, improving industrial activity in China, but persistent tensions in the Middle East continued to cloud the broader outlook.