Zinc Price Forecast & Long-term Prediction

Zinc is an industrial metal widely used in construction. It is never used by investors for long-term capital storage. In terms of profit making, mining stocks and futures trading are of interest.

The key indicator of zinc price is the cost per tonne under the futures contract at the London Metal Exchange (LME).

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1 year
3 years

At present, the zinc market is in the surplus phase. This is due to lower demand from China and European industry. Therefore, the cost per tonne is unlikely to increase in the coming years.

Experts predict an increase in the metal's price over the next few decades. Yet, it is predicted to be quite moderate compared to other commodities, such as gold. According to the International Zinc Association, the main factor driving quotations up will be an increase in demand.

Key Findings

A summary of the aluminum price prediction is given below:

Price Today

$2408 per tonne

Price for next year 2024

$2280 per tonne

Long-term price 2025-2030

$1503 per tonne

Quotes rise when the market expects supply disruptions or inventory reductions. The metric ton price falls when there is weak demand. Increased aluminum production is also a bearish factor.

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Zinc Price for Today

Growth

Today the zinc market is dominated by bulls. Quotes are in an ascending channel. This is due to favorable external factors. Technical analysis tools also give buy signals on the lower timeframes.

Minimum forecast cost

2329.83 USD

Maximum Forecast Value

2575.08 USD

% value change

0%

Zinc Technical Analysis

Traders receive a "buy" recommendation on the lowest timeframes. This assessment is given by both moving averages and the most popular indicators. Among the last ones are the Williams Percent Range, Relative Strength Index, and Stochastic Oscillator.

On medium and senior timeframes, technical analysis tools show sell signals. On the monthly table, such an assessment is given by the main indicators, including:

  1. RSI;
  2. MACD;
  3. STOCH(9,6);
  4. STOCHRSI(14) and etc.

The prevailing trend is best determined on large timeframes. Smaller time frames help to find the optimal moment to enter a position. Their combination, according to many traders' views, increases the probability of success.

Given the above, moderate falling of quotations should be expected. A 5-7% drop in prices is possible. There is also a high chance that the sideways trend will go on and the cost per tonne will fluctuate in a narrow range. There are no signals for the emergence of a clearly defined bullish trend.

Fundamental analysis

The table below gives the quotations of zinc and the most popular metals. It allows one to track the way quotations changed for a day, month and year. It will help to quickly compare zinc profitability with the main competing assets.

Price Day Month Year Date
Gold 2083 USD -0.063 -0.0030% +2.12% +12.26% 03.03.2024
Silver 23.14 USD -0.0015 -0.0067% +2.00% +8.75% 03.03.2024
Palladium 959.87 USD 0.00 0.00% +0.41% -33.56% 03.03.2024
Platinum 891.65 USD -0.33 -0.037% -1.46% -9.22% 03.03.2024
Copper 3.86 USD 0.00 0.00% +0.77% -5.16% 03.03.2024
Aluminum 2238.69 USD 0.00 0.00% +0.13% -6.92% 03.03.2024
Zinc 2407.81 USD 0.00 0.00% -1.59% -21.76% 03.03.2024
Nickel 17435 USD +450.00 +2.65% +5.44% -29.75% 29.02.2024

Where will be Zinc in 5 years

Most experts agree that the demand for zinc will grow. Statista platform reports that global consumption of this metal will reach 19.66 million tonnes by 2028.

Yet, analysts differ radically in their assessment of zinc's prospects. The expected cost per tonne by the end of the next five-year period varies between $2100-$4000.

The metal surplus in the market is the main bearish factor for the next few years. The macroeconomic situation is also unfavorable for the growth of quotations. Therefore, the cost per tonne is expected to decline in 2024-2025.

The market should emerge from the surplus phase at some point after the year of 2026. The main bullish factors:

  1. the demand for zinc in green energy;
  2. higher production costs as a result of inflation and innovations required to reduce emissions;
  3. lower interest rates relative to current levels.

If the zinc mining profitability decreases, its supply will also decrease. This will lead to growth of quotations. Due to these, BeatMarket analysts disagree with bearish views on the zinc market. In our opinion, the cost per tonne cannot fall below the current levels by 2028. Meanwhile, we support negative forecasts for the next 2 years.

BeatMarket experts have no faith in overly optimistic predictions either. We believe that the chances of quotation growth by 50% or more are extremely low. The cost per tonne is close to 2009 levels. There are practically no preconditions for its rapid increase in the current situation.

Only unpredictable factors can cause quotes to soar. First of all, geopolitical ones, as they did in 2022. But even when such events take place again, the market will quickly return to its equilibrium values.

Even with no significant news, zinc remains a volatile asset. It is highly probable that in 5 years quotations will differ from the current ones by 10%-15%. But within this timeframe, more significant fluctuations are possible.

Date Min forecast price Max forecast price Change
01.12.2024 2092.102 USD 2104.434 USD -309.54 USD (-14.75%)
01.12.2025 1816.203 USD 1829.529 USD -275.4 USD (-15.11%)
01.12.2026 1540.289 USD 1554.563 USD -275.44 USD (-17.8%)
01.12.2027 1264.376 USD 1280.840 USD -274.82 USD (-21.59%)
01.12.2028 993.745 USD 1005.244 USD -273.11 USD (-27.33%)
01.02.2029 1054.841 USD 1061.906 USD +58.88 USD (5.56%)

Zinc Forecast 2024

Dean Belder from Investing News points out that 2024 will turn out to be a negative year for base metals. Zinc quotations are under pressure from the following factors:

  1. high interest rates;
  2. lower investment in property and capital projects;
  3. China's slow recovery from COVID.

All these factors are reducing demand against the backdrop of increased metal production. ILZSG states that zinc surplus will amount to 367 th. tonnes. However, many experts are still optimistic and do not predict a strong fall in quotations.

Brief review of target prices for 2024:

  1. $2230 - from Wallet Investor;
  2. $2500 - from BMI Research ( with the forecast raised from $2300);
  3. $2650 - from Capital Economics

BeatMarket experts stick to the moderate scenario. Our detailed forecast is presented in the table below.

Date Min forecast price Max forecast price Change
01.04.2024 2300.005 USD 2380.763 USD -67.43 USD (-2.88%)
01.05.2024 2205.658 USD 2295.151 USD -89.98 USD (-4%)
01.06.2024 2129.585 USD 2207.446 USD -81.89 USD (-3.78%)
01.07.2024 2115.881 USD 2155.473 USD -32.84 USD (-1.54%)
01.08.2024 2129.362 USD 2151.284 USD +4.65 USD (0.22%)
01.09.2024 2073.618 USD 2134.394 USD -36.32 USD (-1.73%)
01.10.2024 2078.964 USD 2103.975 USD -12.54 USD (-0.6%)
01.11.2024 2081.993 USD 2095.371 USD -2.79 USD (-0.13%)
01.12.2024 2092.102 USD 2104.434 USD +9.59 USD (0.46%)

Zinc Price Prediction 2025

Zinc demand will largely depend on the Chinese government's policies. The construction sector of the country is one of the main consumers. What measures to stimulate it will determine the price per tonne.

Most analysts predict the quotations to stay in a sideways trend for the whole year. The expected rate of movement is up to 5% per month. BMI Research and Wallet Investor are among the sources indicating the probability of stagnation.

Most zinc predictions for 2025 fall within the $1950-$2400 range. Higher forecasts can be found. For example, $2850 per tonne from Knoema analysts. BeatMarket experts tend to agree with the majority opinion. We do not expect growth in quotations relative to 2023.

Date Min forecast price Max forecast price Change
01.01.2025 2101.043 USD 2161.270 USD -276.65 USD (-12.98%)
01.02.2025 2127.661 USD 2160.644 USD +13 USD (0.61%)
01.03.2025 2073.292 USD 2120.524 USD -47.24 USD (-2.25%)
01.04.2025 2027.727 USD 2106.654 USD -29.72 USD (-1.44%)
01.05.2025 1931.304 USD 2018.731 USD -92.17 USD (-4.67%)
01.06.2025 1851.389 USD 1933.478 USD -82.58 USD (-4.36%)
01.07.2025 1841.952 USD 1879.877 USD -31.52 USD (-1.69%)
01.08.2025 1854.848 USD 1877.876 USD +5.45 USD (0.29%)
01.09.2025 1799.130 USD 1860.974 USD -36.31 USD (-1.98%)
01.10.2025 1802.291 USD 1828.677 USD -14.57 USD (-0.8%)
01.11.2025 1807.171 USD 1818.645 USD -2.58 USD (-0.14%)
01.12.2025 1816.203 USD 1829.529 USD +9.96 USD (0.55%)

Zinc Prediction 2026

In 2026, the maximum zinc market surplus will be observed. It will amount to more than 530 thousand tonnes. It is forecasted by the authors of Australian Resources And Investment. Such a surplus will inevitably put pressure on quotations.

Wallet Investor analysts expect the cost per tonne to fall in price to $1702-$1712 by the end of 2026. This is equivalent to falling by almost a third from current levels.

Still, there are more optimistic forecasts. The most optimistic one is $2,748 per tonne. It is higher than the current price. But given this result, zinc still cannot be called a promising asset.

BeatMarket experts do not share in this optimism. Our forecast is bearish. We believe that the zinc market in 2026 will not be able to perform at levels higher than the current ones.

Date Min forecast price Max forecast price Change
01.01.2026 1824.906 USD 1885.733 USD -552.49 USD (-29.78%)
01.02.2026 1855.818 USD 1886.194 USD +15.69 USD (0.84%)
01.03.2026 1799.216 USD 1849.394 USD -46.7 USD (-2.56%)
01.04.2026 1750.373 USD 1831.886 USD -33.18 USD (-1.85%)
01.05.2026 1656.957 USD 1751.260 USD -87.02 USD (-5.11%)
01.06.2026 1575.412 USD 1659.325 USD -86.74 USD (-5.36%)
01.07.2026 1567.523 USD 1604.189 USD -31.51 USD (-1.99%)
01.08.2026 1580.132 USD 1598.146 USD +3.28 USD (0.21%)
01.09.2026 1525.155 USD 1584.714 USD -34.2 USD (-2.2%)
01.10.2026 1525.879 USD 1553.207 USD -15.39 USD (-1%)
01.11.2026 1532.455 USD 1542.873 USD -1.88 USD (-0.12%)
01.12.2026 1540.289 USD 1554.563 USD +9.76 USD (0.63%)

Zinc Price Forecast 2027

The key factor contributing to rising zinc prices will be its high demand in the green energy sector. The more the sector develops, the greater will be the demand.

The statista.com service predicts an increase in production to 1.53 million tonnes by 2027. Hence, analysts' optimism about zinc is directly related to the belief in the abandoning of oil.

Here is a brief overview of experts' predictions for 2027:

  1. $1442 — from Wallet Investor;
  2. $2150 — from BMI Research;
  3. $2748 — from knoema.com.
Date Min forecast price Max forecast price Change
01.01.2027 1556.670 USD 1609.930 USD -824.51 USD (-52.08%)
01.02.2027 1583.721 USD 1611.603 USD +14.36 USD (0.9%)
01.03.2027 1524.677 USD 1578.069 USD -46.29 USD (-2.98%)
01.04.2027 1482.964 USD 1556.503 USD -31.64 USD (-2.08%)
01.05.2027 1382.677 USD 1463.312 USD -96.74 USD (-6.8%)
01.06.2027 1302.231 USD 1384.932 USD -79.41 USD (-5.91%)
01.07.2027 1291.374 USD 1330.162 USD -32.81 USD (-2.5%)
01.08.2027 1304.699 USD 1324.828 USD +4 USD (0.3%)
01.09.2027 1249.793 USD 1311.743 USD -34 USD (-2.65%)
01.10.2027 1257.594 USD 1278.796 USD -12.57 USD (-0.99%)
01.11.2027 1257.280 USD 1268.624 USD -5.24 USD (-0.42%)
01.12.2027 1264.376 USD 1280.840 USD +9.66 USD (0.76%)

Zinc Price Forecast 2028

As the experts believe, the market should emerge from the surplus phase by 2028. Moreover, the main increase in consumption will be in green energy. First of all, wind turbines.

The forecast cost per tonne of zinc in 2028 is as follows:

  1. over $4,000 - according to Statista's research department;
  2. about $2100 - according to Fitch's projections;
  3. within the $2500-$3000 range - according to BeatMarket analysts' expectations;
  4. The degree of experts' optimism depends on their belief in the green energy sector. Analysts also have different assessments regarding the rate of interest rate normalization and zinc production growth. Thus, there is a significant difference in forecasts.
Date Min forecast price Max forecast price Change
01.01.2028 1280.401 USD 1333.848 USD -1100.69 USD (-84.21%)
01.02.2028 1302.208 USD 1336.848 USD +12.4 USD (0.94%)
01.03.2028 1248.704 USD 1300.523 USD -44.91 USD (-3.52%)
01.04.2028 1215.486 USD 1280.559 USD -26.59 USD (-2.13%)
01.05.2028 1108.523 USD 1195.797 USD -95.86 USD (-8.32%)
01.06.2028 1023.995 USD 1111.008 USD -84.66 USD (-7.93%)
01.07.2028 1015.795 USD 1055.741 USD -31.73 USD (-3.06%)
01.08.2028 1029.470 USD 1048.623 USD +3.28 USD (0.32%)
01.09.2028 974.093 USD 1038.414 USD -32.79 USD (-3.26%)
01.10.2028 981.915 USD 1004.170 USD -13.21 USD (-1.33%)
01.11.2028 982.198 USD 993.903 USD -4.99 USD (-0.51%)
01.12.2028 993.745 USD 1005.244 USD +11.44 USD (1.14%)

Long-Term Zinc Forecast 2030 to 2050

The long-term zinc forecast is bullish. Experts are optimistic that the metal quotations will exceed the current ones by 2050. But the maximum forecasted level barely reaches $10 thousand per tonne. This makes it impossible to consider the asset promising for long-term investors.

Stocks of mining companies may be of separate interest. Most of the issuers work with several metals at once. Investments in them are a diversified bet on market growth, not on a single commodity.

Experts note that in the long term, high volatility is quite probable. Quotes can still demonstrate multiple ups similar to those of 2022. They will inevitably be followed by bearish phases. Therefore, zinc futures may turn out to be an interesting tool for experienced traders.

Zinc Projections For Next 10 Years

For the next 10 years, experts predict multidirectional fluctuations in quotations. In the first years, most analysts promise stagnation. The most optimistic forecasts are for a slight increase in prices. The situation is caused by oversupply and increased reserves in warehouses.

After 3-4 years, according to some data, the market may move to the deficit phase. This will lead to a gradual increase in cost. Inflation will be a bullish factor. Growing quotations of other non-ferrous metals will also provide support.

Experts believe that the cost will exceed the current one by the end of the next 10 years. But there is no talk about historical maximum renewal. According to analysts, zinc is not proper for long-term passive strategies.

Zinc stock price prediction 2030

Experts assure that international demand will start to grow after 2026. In 2022, it amounted to 13.5 million tonnes. As analysts believe, the world will need 21.7 million tonnes in 2030. Moreover, the accelerated increase in consumption of the metal is predicted for 2026-2030.

There are forecasts that the zinc market size will grow to $64bn by 2030.

As a result, by 2030 experts promise a bullish phase in the zinc market. Quotations will start to grow after a long-term sidewall. But it is unlikely that they will be able to surpass the current historical maximum. Analysts call the levels close to $3000-$3500 per tonne.

Zinc stock forecast 2040

By 2040, experts predict the price of almost all non-ferrous metals to rise. This is due to a number of factors:

  • ever-increasing global demand due to population growth and the growth of technology;
  • active development of "green" energy, which is impossible to implement without increasing consumption of non-ferrous metals;
  • requirements of the "green programme" to reduce emissions (their implementation is associated with additional investments in production).

This will lead to further growth of quotations. An update of the historical price maximum is becoming possible. Experts warn that this asset will remain highly volatile in the future.

Zinc Future price 2050

According to the International Zinc Association, the demand for this metal could exceed 28 million tonnes per year in 2050. The mining industry must increase capacity to meet this demand. An increase of 40%-70% relative to current levels is required.

The zinc price forecast 2050 is bullish. This metal, like all commodities, has its own value. Which means its quotations will inevitably grow as a result of inflation. They will also be affected by the inevitable rise in the cost of mining and smelting.

Over the past 20 years, the cost of a metric tonne has increased by about 2.5 times. Compared to the SP500 index, the asset looks unattractive in terms of investment.

It seems unlikely that zinc will show high rates of price appreciation in the next decades. The price levels called by experts by 2050. - x2 - x4 relative to the current ones.

Nevertheless, significant adjustments can be made to the long-term forecast:

  • new technological discoveries;
  • stricter requirements of the green programme;
  • world economic conditions and geopolitical crises.

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About Zinc

Zinc

Zinc is a brittle transition metal. Zinc is often used in the construction, metallurgical and chemical sectors. More than 50% of the zinc consumed in the world is used for galvanizing steel and iron. Another 10% goes to the manufacture of alloys, such as brass. Approximately the same amount covers the needs of medicine.

Zinc has no investment demand. The price/weight ratio of this metal is low. It is not profitable to store it in the form of ingots waiting for the growth of quotations. It involves too high costs.

A private investor can earn on this metal as follows:

  1. Trade in derivative instruments. These are futures, options on the exchange, contracts for price differences on Forex. For example, a delivery futures contract on the LME is a contract for 25 metric tonnes.
  2. Invest in stocks of manufacturing companies. For example, Glencore or Hecla Mining.
  3. Invest in ETFs or ETCs that deal with zinc. For example, WisdomTree's ZINC ETC. The fund tracks the Bloomberg Zinc Subinde benchmark.

Investments in zinc are a bet on global economic growth. This metal is also in demand in the green energy sector. When the latter develops, the demand for it will increase.

But zinc ores are readily available. Supply is usually reduced due to the closure of mines and smelters due to unprofitability. As soon as prices start to rise, production resumes. The market quickly finds equilibrium.

Historic Zinc Prices

Key dates

Year 2006

A historical maximum of quotations was recorded in the market. The reasons for this were a long-standing shortage of metal supply. But already in autumn, the cost per tonne began to fall.

Year 2008-2009

During the economic crisis, quotations fell to the level of 2004. The cost per tonne approached $1000. In 2009, the market started to recover. In 12 months the price increased almost 2.5 times.

Year 2022

The cost per tonne almost came close to the historical maximum. But the quotations failed to break through this mark. Two factors led to the price hike. Firstly, a boom in the market of all non-ferrous metals. It was provoked by the geopolitical conflict. Secondly, there was a decrease in zinc output due to the high cost of electricity.

What Influences Zinc Price

Supply and demand ratio

Quotes are mainly based on the supply-to-demand ratio. The cost per tonne rises when there is news about a reduction in metal output. For example, issues in the leading producing countries may lead to it.

A vivid example is 2022. Due to the cost of electricity, European production almost stopped. There was an acute shortage of zinc in Europe. Its local cost exceeded LME spot prices by $500 or more.

Economic situation

Zinc, like all commodities, is highly dependent on economic cycles. Quotes fall during periods of high interest rates, tight monetary policy of central banks. And this can happen regardless of the balance of supply and demand. A strong US dollar (USD) is also a bearish factor.

Cost of production

Production unit cost depends on expenses for coal, oil, electricity. A significant part is added by zinc ore mining costs. Additionally, contribution is made by production modernisation. It is necessary to fulfill the obligations to reduce carbon footprint.

Quotes of other metals

Some metals are interchangeable in certain applications. For example, zinc is often used for injection molding along with aluminum and magnesium. When the value of the latter increases, the demand for zinc increases. This means that its quotations go up as well.

FAQ

Why are zinc prices falling?

The price fell as a result of a supply surplus. It arose due to weak demand in 2023. Also, producers increased output compared to the failed year of 2022. The largest contribution to the increase in supply was made by Chinese mills. The market surplus is expected to exceed 360 thousand tonnes in 2024.

What is the price of zinc per pound?

On 27.11.2023, a pound of zinc cost $1.15 on the London Metal Exchange. The cost per tonne under the futures contract was $2,532.25. A pound is equal to 453.59 g. To find out its price, one should first determine the value of 1 kg. The resulting figure should be multiplied by 0.45359.

What is the all time high price of zinc?

According to historical data, the maximum cost per tonne is $4580. It has remained unchanged since November 2006. The reason was a supply shortage, which was observed for the third year in a row. The closest quotations came to this mark in 2022. At the peak they reached $4434 per tonne.

What is the prediction for the zinc market?

After last month's decline, experts promise a slight growth of quotations. Further on, a sideways exit is forecasted. The market will be in surplus in the coming years, most experts say. The high level of supply and inventory build-up do not contribute to price growth. But inflationary impact and increase in demand will not let the cost fall.

Zinc News

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Vedanta’s Hindustan Zinc ranks 1st in S&P Global Corporate Sustainability Assessment 2023

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Zinc battery breakthrough as researchers fix spiky crystal problem

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2024-01-06

Zinc Chemicals Market is projected to surpass US$10.729 billion by 2028 at a CAGR of 4.94%

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The Impact of Supply and Demand: Zinc Sulfate Price Trends

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2024-01-05

Zinc Oxide Prices, Trends & Forecasts | Provided by Procurement Resource

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