Zinc futures climbed to around $3,240 per tonne, marking their highest level since late January 2023, supported by tightening inventories and ongoing supply disruptions. On the London Metal Exchange (LME), zinc inventories fell 0.2% to 106,325 tonnes on January 2 from 106,550 tonnes on December 29. On the Shanghai Futures Exchange (SHFE), zinc inventories dropped 4.3% from December 26, signaling further tightening. However, the International Lead and Zinc Study Group (ILZSG) reported that the refined zinc market deficit narrowed to 600 tonnes in October. Meanwhile, several Chinese miners are scheduled for routine maintenance shutdowns, which are expected to reduce production and tighten concentrate availability. Notably, a southwest China mine, having largely met its annual target, plans maintenance that could cut zinc concentrate output by roughly 700 tonnes of metal content.
