Zinc futures fell toward $3,450 per tonne, the lowest in a month, as investors grew concerned about the demand outlook amid escalating tensions in the Middle East and expectations of tighter US monetary policy. The latest strikes between the US and Iran risk prolonging the conflict and fueling inflationary pressures, which could weigh on global growth and metal consumption. The downside was limited by tightening supply conditions. Glencore’s Kazzinc facility in Kazakhstan are running at reduced capacity after a fatal explosion, while Nexa’s Cajamarquilla smelter in Peru was temporarily suspended due to fire-related damage, though it recently announced a gradual resumption of production. These disruptions have reinforced concerns about global zinc availability, especially as the International Lead and Zinc Study Group projected a refined zinc deficit of 19,000 tonnes this year. Meanwhile, Boliden’s Garpenberg mine is set to resume production in Q2, helping to ease some supply pressures.

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