LME zinc hits $3,990 as cash premium at $139 underscores tightening supply
LME three-month zinc rose to $3,990 per metric ton on Monday, a four-year high, while the cash premium, though down from above $230 last week, remained elevated at $139, pointing to severe tightness. After global zinc mine output briefly rebounded by 4.8% last year, production fell 2.6% year on year in the first half of 2026, reversing earlier expectations of a modest recovery. New International Lead and Zinc Study Group data show global mine output dropped a cumulative 8.6% between 2015 and 2025, reinforcing longer-term supply-side shrinkage risks.