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In the metals market, supply fears have pushed the zinc price up to a four-year high.

Zinc, which is used to galvanise steel, hit $3,955 a metric tonne this morning, its highest since May 2022.

LME [zinc] inventories have been drawn sharply lower, mine and smelter disruptions have restricted refined availability, and supply outside China has become notably tight.

With consumers facing a thinner pool of immediately available units, relatively modest buying has produced a larger price response than elsewhere in the complex. Copper remains supported by the same availability concerns.