
Zinc futures rose past $3,600 per tonne, returning to levels close to a four-year high, supported by easing geopolitical tensions and tight supply conditions. Sentiment improved after the US and Iran reached an agreement to end their conflict, which helped ease concerns over global economic growth and improved expectations for industrial demand. At the same time, recent disruptions across key producers have reinforced concerns about global availability, especially as the International Lead and Zinc Study Group projects a refined zinc deficit of around 19,000 tonnes this year. Glencore’s Kazzinc facility in Kazakhstan is running at reduced capacity after an explosion, while Nexa’s Cajamarquilla smelter in Peru was temporarily suspended due to fire-related damage, though it recently announced a gradual resumption of production. Partially offsetting these constraints, Boliden’s Garpenberg mine is expected to resume production in the second quarter.
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