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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 2026

Zinc rebounded into Q2 as March’s inventory shock unwound, lifting prices back above key technical levels. However, the market remains flow  and structure led, with expanding refined surpluses limiting the scope for sustained upside. Zinc is likely to trade choppily in the $3,000/t - $3,600/t range unless copper provides a stronger directional signal.

Metals

As we move into Q2 2026, metals markets are moving away from conflict‑led shocks and toward a more fragmented, metal‑by‑metal setup. With much of the geopolitical premium already absorbed, price action has become more selective and range‑bound, exposing thin liquidity and elevating the importance of local supply conditions. Copper still anchors sentiment across the complex, but price behaviour is increasingly differentiated as markets separate genuinely tight metals from those facing surplus constraints and precious metals capped by rates and dollar dynamics.
Quarterly Metals Report

Quarterly Metals Report Archive

Zinc Outlook – Q2 2020
Zinc Outlook – Q1 2020

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