Zinc futures were trading above $3,700 a tonne, a level not seen in more than two months, amid persistent concerns of further supply disruptions as energy prices remain high. Smelters have been curbing production as high energy prices exuberated by the war in Ukraine are making it unprofitable. Dutch Nyrstar, one of Europe's largest smelters announced it would halt production from September 1st amid skyrocketing power prices. Glencore, a giant in the commodities and mining scenes, has recently warned of the continuing margin squeeze on its European smelters. Refined zinc production at Glencore’s European operations fell by 47,500 tonnes year-on-year to 350,900 tonnes in the first six months of 2022.
Historically, Zinc reached an all time high of 4603 in November of 2006. Zinc - data, forecasts, historical chart - was last updated on August of 2022.
Zinc is expected to trade at 3679.80 USD/MT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 3966.20 in 12 months time.