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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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Latest

Zinc Outlook – Q3 2026

While underlying fundamentals remain constructive, increasingly stretched positioning leaves zinc vulnerable to periods of sharper correction. We expect elevated volatility through Q3, with $3,300/t remaining a realistic downside target under a positioning normalisation scenario.

Metals

The first half of 2026 was dominated by geopolitical risk, inflation concerns and shifting monetary policy expectations. As we move into H2, many of those themes remain relevant, but the market focus has become more nuanced. Investors are no longer reacting to events themselves, but to the way they influence energy prices, inflation, and ultimately policy expectations. The result is an increasingly uneven backdrop across commodity markets. Across base metals, this has produced a more selective environment in which individual supply-demand dynamics, positioning and sector-specific demand trends are playing a larger role in price formation than broad macro sentiment alone.
Quarterly Metals Report

Quarterly Metals Report Archive

Zinc Outlook – Q3 2020
Zinc Outlook – Q2 2020
Zinc Outlook – Q1 2020

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