Zinc Prices Soar to Four-Year High on LME
Zinc prices have surged to a four-year high on the London Metal Exchange (LME), reaching $4,107 per tonne. This marks a significant increase of 55% from mid-2025's trough of around $2,650 per tonne.
The rise in zinc prices is attributed to tight supply and low LME warehouse stocks, which have fallen by 64% since December 2024. Currently, the available metal stands at roughly 95,000 tonnes, its lowest level since April 2023.
HSBC forecasts a decrease of 2.1% in mine output for 2026 to 12.5 million tonnes, which has contributed to the zinc price surge. Major zinc producers such as Teck, Glencore, and Nexa have seen their shares increase by 46-60% since January 2026.
JP Morgan predicts sustained elevated zinc pricing through 2026 due to tightening global supply and firm demand. The current market conditions suggest that project pipelines for both galvanizing-grade zinc and copper may be re-evaluated using higher long-term price decks.