Zinc Moves to Near 4-Year High

Zinc futures rose past $3,600 per tonne, returning to levels close to a four-year high, supported by easing geopolitical tensions and tight supply conditions. Sentiment improved after the US and Iran reached an agreement to end their conflict, which helped ease concerns over global economic growth and improved expectations for industrial demand. At the same time, recent disruptions across key producers have reinforced concerns about global availability, especially as the International Lead and Zinc Study Group projects a refined zinc deficit of around 19,000 tonnes this year. Glencore’s Kazzinc facility in Kazakhstan is running at reduced capacity after an explosion, while Nexa’s Cajamarquilla smelter in Peru was temporarily suspended due to fire-related damage, though it recently announced a gradual resumption of production. Partially offsetting these constraints, Boliden’s Garpenberg mine is expected to resume production in the second quarter.

Zinc futures fell toward $3,450 per tonne, the lowest in a month, as investors grew concerned about the demand outlook amid escalating tensions in the Middle East and expectations of tighter US monetary policy. The latest strikes between the US and Iran risk prolonging the conflict and fueling inflationary pressures, which could weigh on global growth and metal consumption. The downside was limited by tightening supply conditions. Glencore’s Kazzinc facility in Kazakhstan are running at reduced capacity after a fatal explosion, while Nexa’s Cajamarquilla smelter in Peru was temporarily suspended due to fire-related damage, though it recently announced a gradual resumption of production. These disruptions have reinforced concerns about global zinc availability, especially as the International Lead and Zinc Study Group projected a refined zinc deficit of 19,000 tonnes this year. Meanwhile, Boliden’s Garpenberg mine is set to resume production in Q2, helping to ease some supply pressures.

Zinc decreased to 3486.00 USD/T, the lowest since May 2026. Over the past 4 weeks, Zinc gained 0.27%, and in the last 12 months, it increased 31.34%.