2026.07.0908:18:00UTC+00Zinc Advances

Zinc futures climbed to around $3,590 per tonne, approaching a four-year high, as tightening near-term supply coincided with manufacturing data that reinforced demand expectations. Indicators from China, Europe, and the United States showed industrial activity holding up despite elevated costs, bolstering the outlook for steady zinc consumption.

On the supply side, a series of disruptions at major producers has intensified market concerns. Glencore’s Kazzinc smelter in Kazakhstan continues to run at reduced capacity following an explosion, while Nexa’s Cajamarquilla smelter in Peru is only gradually resuming operations after a fire-related shutdown. Earlier this year, a seismic event at Boliden’s Garpenberg mine also raised the risk of a sustained decline in output.

At the same time, zinc inventories on the Shanghai Futures Exchange fell 2.2% from the previous week, underscoring tighter availability in the physical market.