Zinc futures fell to around $3,410 per tonne, the lowest in seven weeks, pressured by a surging US dollar. Expectations of higher US interest rates strengthen the greenback, making dollar-priced commodities less attractive for buyers using other currencies. The downside was partly limited by progress in US-Iran talks, which reduced concerns over further disruptions to global activity and improved the industrial demand outlook. Zinc prices also remained supported by tightening supply conditions following recent disruptions at key facilities. Glencore’s Kazzinc facility in Kazakhstan remains affected by reduced operating rates after an explosion, while Nexa’s Cajamarquilla smelter in Peru has been recovering from fire-related damage. A seismic event at Boliden’s Garpenberg mine earlier this year has also raised concerns about prolonged lower output. These supply constraints come as the International Lead and Zinc Study Group forecasts a refined zinc deficit of 19,000 tonnes this year.

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