2025.11.2011:17:01UTC+00Zinc Drops from 11-Month High

In November, zinc futures prices settled at $3,000 per tonne, slightly retreating from the eleven-month peak of $3,100 recorded at the beginning of the month. This decline aligns with a broader downward trend observed across the base metals market. The retreat in industrial metals, particularly those tied to data center and infrastructure investments, has been attributed to skepticism over potentially overstated promises regarding AI investments, which in turn dampened the sector's outlook. Additionally, zinc futures experienced a decrease as increased delivery commitments from China alleviated supply shortages by zinc refiners over the year. Despite a 6.3% rise in zinc mined output this year, refined zinc production witnessed a decrease of over 2%. This decline is in line with output reductions from smelters in Kazakhstan and Japan, the latter of which was particularly impacted by the shutdown of the significant Toho Zinc Annaka plant. Concurrently, treatment charges for zinc surged to approximately $100 per ton, recovering from a negative $115 figure at the end of last year, as per private survey data. London Metal Exchange (LME) zinc stocks dramatically fell to 45,000 tonnes, down from 230,500 tonnes at the year's onset.