Zinc rose to its highest level in more than four years on signs of tightening
supply, extending a months-long rally. Disruptions to Iranian ore flows from the
Middle East war and multiple mine outages have tightened the market. Zinc
recorded a fifth consecutive monthly gain in August; zinc futures are up 27%
year-to-date, materially outpacing copper and aluminum. LME zinc stocks have
rose slightly but remain below 100,000 tons, low by historical standards. The
supply squeeze is reflected in smelter processing fees, which fell further in
August to -$117.50 per tonne at month-end.
