Zinc trades at $3,584.5/mt, near its 52-week high of $3,624.5, driven by supply disruptions at Glencore's Kazzinc (Kazakhstan) and Nexa's Cajamarquilla (Peru), combined with critically low LME inventories at ~120,000 tonnes — covering less than three days of global demand. While the supply narrative is bullish, structural headwinds persist: a 2026 market surplus despite disruptions, China's transition to net exporter of refined zinc, and demand growth of only ~1% per the ILZSG. JP Morgan expects $3,400-$3,500/mt for H2 2026, suggesting the current disruption premium may not hold. Procurement posture: DEFENSIVE — secure near-term coverage at current levels but build optionality for a potential Q3 correction as disruptions resolve and Chinese exports increase.