Zinc futures fell below $3,250 per tonne, retreating from a near three-week high, as uncertainty over the duration of the Middle East conflict clouded the demand outlook. President Donald Trump said the US will strike Iran “extremely hard” in the next two to three weeks, potentially targeting civilian infrastructure if negotiations fail, even as he signaled the war is “very close” to completion.

However, losses were limited by signs of improving industrial activity and short-term supply tightness. China’s factory activity returned to expansion in March, supporting demand prospects for base metals. Inventories at the Shanghai Futures Exchange declined 2.3% over the past week, while other supply constraints, including low stockpiles and disruptions caused by mine closures and operational delays, further supported prices. Meanwhile, the restart of Boliden’s Tara mine and the production ramp-up at Ivanhoe Mines’ Kipushi project are expected to keep the market in a small surplus.

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