Zinc futures fell back below $3,300 per tonne after briefly reaching a one-month high, as uncertainty surrounding the Middle East ceasefire weighed on the broader demand outlook. Sporadic fighting continued across the region, with Israel launching strikes in Lebanon amid disagreements between Iran and the US-Israeli side over whether the ceasefire covers Lebanon. Even so, fundamentals continue to support prices.

China’s factory activity returned to expansion, boosting demand expectations for base metals. Additionally, inventories at the Shanghai Futures Exchange dropped by 1% over the past week, while ongoing mine closures and operational disruptions point to short-term supply tightness. However, additional output from projects such as Tara and Kipushi, along with increased production plans from other major producers, is expected to keep the market in a slight surplus.

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