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Zinc futures rose to around $3,340 per tonne, marking their highest level in a month, following an initial US-Iran ceasefire that eased fears of a major geopolitical escalation. The agreement came just before President Donald Trump’s ultimatum to Iran expired, with Trump suspending all military actions for two weeks and Tehran agreeing to reopen the strategic Strait of Hormuz.
Further supporting prices were improving industrial signals and short-term supply tightness. China’s factory activity returned to expansion in March, lifting demand expectations. Supply-side constraints, including low stockpiles and disruptions caused by mine closures and operational delays, also underpinned prices. Meanwhile, the restart of Boliden’s Tara mine and ramp-up of production at Ivanhoe Mines’ Kipushi project are expected to keep the market in a modest surplus.
