Zinc prices averaged USD 3,177 per metric ton in November, up 0.8% from October. On 28 November, the commodity traded at USD 3,280 per metric ton, up 4.4% from 31 October.
Zinc prices rose for the seventh consecutive month in November, but at one of the softest paces among base metals. Still, prices in November averaged the highest since January 2023 as curbs on refined zinc production in Kazakhstan and Japan weighed on supply. That said, concerns over excessive AI investment likely capped momentum; zinc is used in the AI industry as a battery component to power data centres.
This chart displays Zinc (US$/mt) from 2023 to 2025.
High Grade Zinc LME (prices in US$/mt, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High Grade Zinc LME | - | - | - | 2,500 | 2,449 | 2,833 | 2,781 | 3,049 | 2,837 | 2,636 | 2,829 | - |