Ann: MACQUARIE MINING FORUM INVESTOR PRESENTATION, page-21

Where there is a shortage of zinc metal in the market evidenced by metal premiums.
Take a look at the premiums for zinc metal delivered in Shanghai or Europe. Are they high or low vs historical measures?

Heres a hint, Europe demand isn’t too much better:

Shanghai zinc premiums topple on rising inventories, slack buying
Premiums for zinc in Shanghai fell to record lows this week due to the wide London Metal Exchange backwardation and supply surpassing demand in China. Fastmarkets’ Shanghai SHG zinc premium fell to $70-80 per tonne on Tuesday June 25, down by $10 from one week ago. The spot premium is now half of the $150-160 per tonne locked into annual contracts between major overseas smelters and Chinese importers.