Ann: Quarterly Activities Report, page-9

all valid crystal ball gazing, good discussion

SHFE stockpiles remain lower than they have been over that 8 year period shown, cyclical nature of commodity industries means that most people who think today's situation will last as is into the future are normally incorrect

do you have any reference to structurally lower zinc demand globally? stockpiles dwindling to all time lows when smetler output reduced points to underlying demand being ok, if demand had reduced stockpiles would have stayed steady or increased

literally on the TC graph you showed, you can observe from mid 2015 to mid 2016 that TC's went from $200+ to $100 in 12 months, yet they "can't" go from $270 to $170 in 6-12 months?