Zinc Tops US$4,100 in London as Nearby Supply Tightens

Key Facts

LME cash zinc settled at US$4,107 per tonne on Wednesday, August 26, 2026, up about 3% from Tuesday’s US$3,987, leaving a US$174 backwardation against the three-month contract at US$3,933 as nearby metal stayed scarce.

The zinc complex jumped on the day with the three-month contract rising from US$3,853 to US$3,933 as the squeeze in deliverable units intensified.

Nexa Resources shares fell 1.52% to US$15.58 in New York trading while Peru’s Buenaventura rose 0.67% to US$36.18, splitting Latin American miner proxies on the session.

LME zinc inventories rose 2,275 tonnes to 97,325 tonnes an increase on the day but still a low absolute level that supports the tightness narrative.