Zinc futures rose above $3,500 per tonne, extending their rebound from a seven-week low amid tight supply conditions. Glencore’s Kazzinc facility in Kazakhstan continues to operate at reduced rates after an explosion, while Nexa’s Cajamarquilla smelter in Peru is recovering from fire-related damage. A seismic event at Boliden’s Garpenberg mine earlier this year has also raised concerns about lower production levels for longer. These supply constraints come as the International Lead and Zinc Study Group forecasts a refined zinc deficit of 19,000 tonnes this year. At the same time, the US-Iran peace deal eased concerns over further disruptions to global economic activity and improved the outlook for industrial demand. However, gains remained limited by a firm US dollar amid growing expectations of a US rate hike, making dollar-denominated commodities more expensive for holders of other currencies.

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