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Zinc Outlook

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Expert zinc market insights

Our quarterly zinc outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals and macroeconomic implications for the zinc futures and spot prices are analysed. Our research team produce a zinc price range forecast as part of the report.

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Zinc Outlook – Q2 2025

Zinc has underperformed in the LME base metals complex, declining over 14% since January. Unlike copper, zinc attracts fewer speculative investors and is currently facing an impending oversupply cycle, as indicated by rising treatment charges recovering from their lows. Although downside risks appear contained for now, a sustained break above $2,700/t would be a key signal for a broader recovery in zinc through the remainder of the quarter.

Metals

As we enter the second half of Q2 2025, markets remain gripped by tariff uncertainty, with Trump’s trade agenda continuing to drive global risk sentiment. Volatility has rippled across FX, bonds, and commodities, as investors weigh the trajectory of trade negotiations and the looming end of the 90-day tariff pause. With diplomacy fragile and positioning increasingly tactical, what lies ahead for metals markets in May and June?
Quarterly Metals Report

Quarterly Metals Report Archive

Zinc Outlook – Q1 2025
Zinc Outlook – Q4 2024
Zinc Outlook – Q3 2024
Zinc Outlook – Q2 2024
Zinc Outlook – Q1 2024
Zinc Outlook – Q4 2023
Zinc Outlook – Q3 2023
Zinc Outlook – Q2 2023
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