Zinc futures fell to $2,825 per tonne, down from a 5-week high of $2,934, driven by a supply surplus and weak demand. The global refined zinc market saw a surplus of 228,000 tons in the first half of 2024, according to the International Lead and Zinc Study Group.
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Additionally, around half of global zinc demand originates from the construction sector, which has been particularly weak in both China and Europe, further pressuring prices. In China, the world’s largest refined zinc producer, smelters have cut production to cope with rising losses due to declining demand and processing fees that have plunged further below zero. China’s primary refined zinc production is estimated to have dropped by 2.8% year-on-year to 3.67 million tons between January and July, partly due to heavy rainfall in Sichuan province.
