Zinc Prices Hit Two-Week High as Shanghai Inventories Plunge to March Lows

Key Facts

1Zinc prices rose to a two-week high of US$3,800.50 a tonne on Monday.

2Shanghai Futures Exchange zinc stocks fell 5% from the previous week to 137,139 tonnes, the lowest since March.

Zinc prices rose to a two-week high of $3,800.50 a tonne on Monday, October 26, 2026. Mining.com.au reported that the surge was driven by a combination of declining global inventories and rising power costs affecting production output.

Shanghai Futures Exchange zinc stocks fell 5% from the previous week to 137,139 tonnes, marking their lowest levels since March. According to exchange data, this significant inventory drawdown, coupled with upward pressure from energy prices, has tightened market supply and supported the price breakout.