My guess is that it is considered conductive, or you would be prohibited from using it in most all situations.
But if it is conductive in bulk, it should carry a warning about not allowing it to get on the insulation of wires being treated or extend past the shielded area of wire nut, for example.
I suspect that it is non-conductive in bulk, but the individual suspended zinc particles make metal-to-metal contact when compressed between two metal surfaces. The carrier in which the particles are suspended (polybutene) is itself non-conductive.
Needs a closer analysis. Who has a tube and a voltmeter and Megger to experiment with?