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Zinc futures in the UK reached $3,220 per tonne, close to the three-year high of $3,250 from January 6th. A 6.3% rise in mined zinc output was reported, but refined zinc production is projected to decline by 2% due to smelter restrictions in Kazakhstan and Japan, including the closure of the Toho Zinc Annaka plant.

Treatment charges for zinc neared $100 per ton, up from negative $115 at the previous year's end. LME stocks fell to 100 thousand tonnes from 230.5 thousand tonnes at the start of last year, following the depletion of both on-and off-warrant stocks. Demand for base metals is expected to remain strong due to increased electrification and data center investments.