Zinc prices averaged USD 3,004 per metric ton in November, down 3.3% from October. On 29 November, the commodity traded at USD 3,109 per metric ton, up 2.6% from 31 October.
Trump’s reelection was a key driver behind November’s price decline, as it spurred a dollar rally, making the metal more expensive for holders of other currencies. Moreover, his victory fanned fears of renewed global trade disputes. China’s latest stimulus policies disappointed markets, denting demand for the metal further. That said, prices spiked in late November: Commodities heavyweight trader Trafigura ordered a massive withdrawal from LME warehouses amid tight supply conditions.
This chart displays Zinc (US$/mt) from 2022 to 2024.
High Grade Zinc LME (prices in US$/mt, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| High Grade Zinc LME | 3,130 | 2,536 | 2,434 | 2,500 | 2,449 | 2,833 | 2,781 | - |