If you are just looking at LME stocks then that is only half the story. SHFE zinc stocks have increased from 20k at the start of the year to 75k currently.
If the SHFE stocks start dropping and prices increase this should put upward pressure on the LME prices especially if the gap between the LME and SHFE prices become large and LME stocks are exported to China.
This has not happened and unlikely to happen imo if Chinese smelters operate at high utlisiation rates & churn out metal with the current high zinc TCs.
LME is at least based on physicals, COMEX for Silver/Gold is mostly paper trading where you have multiple paper ounces for every ounce of physical gold/silver.
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Ann: CONTINUED RECORD ZINC PRODUCTION FROM CENTURY OPERATIONS, page-29
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