The first annual treatment charge contract for 2019 is understood to have been agreed and resets the base TC to the same as in 2015. Meanwhile, the upward trend in spot TCs continued, $22/t higher than in February. Although the concentrate market is demonstrably in surplus, the refined market remains in deficit and exchange stocks have continued to decline. This fundamental support together with growing expectations that the trade tensions between the US and China will ease, helped propel the zinc price to over $3000/t by the end of March. As a result, zinc was the best performer on the LME in March and Q1. This was despite muted interest in the metal from investors.