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 aluminium. LME zinc stocks have risen slightly but remain below 100,000 tonnes, low by historical standards. The supply squeeze is reflected in

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 aluminium. LME zinc stocks have risen slightly but remain below 100,000 tonnes, 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.