Zinc futures rose toward $3,260 per tonne on January 23, marking a second consecutive session of notable gains, as markets weighed mixed signals from the supply side. While Shanghai zinc inventories climbed 3.3% week-on-week, the LME cash zinc contract traded $14 per tonne below the three-month forward, suggesting modest near-term tightness. On the global stage, the ILZSG reported a 7,700-ton deficit in November, though the refined zinc market remained in surplus over the first 11 months of 2025, highlighting short-term pressure amid a longer-term surplus. At the same time, concentrate availability could tighten as several Chinese mines undergo maintenance, including a Southwest operation reducing output by 700 tons of metal content. Meanwhile, additional support came from a weakening greenback, as US President Donald Trump threatened tariffs on European countries that resisted his Greenland takeover plan, but later softened his stance following a framework agreement with NATO.

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