FX.co ★ Zinc Climbs to Near 4-Year High

Zinc futures climbed to $3,630 per tonne, their highest level in nearly four years, as supply conditions tightened amid a series of disruptions. Glencore’s Kazzinc operation in Kazakhstan has been running at reduced capacity following a fatal explosion, while Nexa’s Cajamarquilla smelter in Peru was temporarily shut down due to fire damage, though it has recently begun a gradual restart of production. These setbacks have intensified concerns over the availability of refined zinc, particularly against the backdrop of already low inventories, with LME zinc stocks at just 111,250 tonnes—equivalent to less than three days of global consumption. Additional pressure has come from mine closures and project delays, which have further constrained supply. Even so, the outlook is expected to improve gradually later in the year, supported by the planned restart of Boliden’s Garpenberg mine in the second quarter and by Japan’s Mitsui Mining and Smelting, which intends to increase output by 3.2% in the first half of the 2026/27 financial year.