Zinc prices rose above $3,950 a ton, hitting their highest level since April 2022, amid tightening supply conditions. The metal posted a fifth consecutive monthly gain in August and is up 27% so far this year, outperforming other major base metals. Supply concerns have been fueled by disruptions at several mines, including in China, while Middle East tensions have constrained Iranian ore shipments. The squeeze is also reflected in sharply lower smelter treatment charges, signaling a shortage of zinc concentrate available for processing. At the same time, stockpiles at LME warehouses remain relatively low by historical standards, while physical availability outside China is particularly tight. Meanwhile, Chinese inventories have risen significantly, creating a notable divergence between the world’s largest zinc consumer and other major markets.