Zinc futures fell to around $3,200 in mid-March, marking its lowest level since January 21, as rising inventories at the Shanghai Futures Exchange and in LME warehouses, along with a strong US dollar, weighed on market sentiment. SFE stocks rose 9.2% in a week, while over 21,000 tonnes delivered into Singapore pushed LME inventories to their highest level since July.  Adding downward pressure on zinc prices was the US dollar remaining strong amid safe-haven demand linked to escalating Middle East tensions. However, losses were still limited due to ongoing concerns about tight supply and historically low inventories in certain regions. Zinc also received support from China’s industrial recovery, with output rising 6.3% yoy in the first two months of 2026 and fixed-asset investment showing modest improvement. Meanwhile, Boliden’s Tara mine in Ireland has reopened after a 2023 shutdown, while Ivanhoe Mines’ Kipushi project in the Democratic Republic of Congo is ramping up production.

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