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Zinc futures held at an over two-month high, trading above $3,400 per tonne, supported by improving market sentiment amid easing US-Iran tensions and signs of tighter near-term supply. President Donald Trump expressed optimism that a peace deal with Iran could be reached soon, saying a second round of talks may take place over the weekend. On the supply side, inventories at the Shanghai Futures Exchange fell by 1.7% over the past week, signaling tighter availability, while ongoing mine closures and operational disruptions have also limited immediate supply. However, the broader outlook remains mixed, as the restart of Boliden’s Tara mine and the ramp-up of production at Ivanhoe Mines’ Kipushi project are expected to keep the market in a modest surplus. This aligns with data showing that the market moved into surplus in January. Demand conditions continue to offer support, with forecasts pointing to annual growth of around 2%.
