Commodity Market Report
Global zinc short-term outlook April 2024
Report summary
A combination of fresh longs and short covering saw the price climb above $2900/t on the final day of the month, reaching its highest level for over 12 months. The tightness in the concentrate market allowed zinc miners to push treatment charges lower, with the 2024 annual settlement made at $165/t of concentrate flat (no price participation), sharply lower than last year’s base TC of $274/t. Meanwhile, spot treatment charges have continued to move lower, albeit in a very thin market, with this month’s indicative TC of $45/t – a six year low.
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