Zinc futures rose above $3,650 per tonne, their highest level since June 2022, as expectations of lower Chinese mine and smelter output intensified concerns over near-term supply. Adjustments at a zinc mine in Southwest China are projected to cut zinc concentrate production by about 1,000 tonnes in August, while planned maintenance at a major smelter in Central China is anticipated to trim a further 1,000–1,500 tonnes, tightening concentrate availability.
Among major producers, Glencore reported a 21% year-on-year drop in own-sourced zinc production in the first half of 2026, though it kept its full-year output guidance unchanged. Boliden’s zinc concentrate production fell 16.8% quarter-on-quarter, and MMG posted a 1% year-on-year decline in the second quarter. Prices also benefited from a weaker US dollar, which made dollar-denominated commodities more attractive to international buyers.
