Ann: CENTURY OPERATIONS AGAIN DELIVER RECORD METAL PRODUCTION, page-135

"almost no correlation"

October 2015; LME stockpiles ~600kt, Zn price ~$0.80/lb
Today; LME stockpiles ~60kt, Zn price $1.15/lb

trend over that 4 year period has been stockpiles continuously falling, with price trending higher with a spike to 1.60, but never falling below 1

seem like at least a moderate correlation

analysts across the industry should probably stop referencing LME/SHFE stockpiles if they are so meaningless; maybe Teck know something about zinc markets? they included this in their annual report... indicates they think stockpiles mean something