Zinc futures hovered near $3,190 per tonne, close to their highest level in two weeks, as investors weighed the latest supply developments. Inventories on the Shanghai Futures Exchange fell 2.3% over the past week, pointing to short‑term tightness in supply.
Prices continue to draw support from broader supply constraints, including low stockpiles and disruptions linked to mine closures and operational delays. However, upside remains limited by worries over the global economic impact of the conflict in the Middle East, which is dampening industrial demand.
Expectations of a modest surplus this year are also curbing bullish sentiment, even as the outlook suggests that longer‑term supply growth could slow. In addition, the restart of Boliden’s Tara mine and the production ramp‑up at Ivanhoe Mines’ Kipushi project are expected to add further supply to the market.
