Zinc futures fell to $3,450 per tonne but remained near their highest level since August 2022, amid tightening near-term supply conditions. LME inventories declined sharply to a one-month low and treatment charges for zinc concentrates dropped, prompted short covering. Continued inventory drawdowns on the Shanghai Futures Exchange and ongoing mine disruptions have further constrained immediate supply. However, the broader outlook remains mixed.

Although Peru reported a steep monthly fall in output, global data indicated that the market moved into a small surplus in January. Additional supply from the restart of Boliden’s Tara mine and the ramp-up of production at Ivanhoe Mines’ Kipushi project could also help keep the market broadly balanced going forward. On the demand side, improving industrial activity in China has added to positive sentiment. Meanwhile, investors watch developments in the Middle East, which could shape macroeconomic conditions and influence demand prospects.

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