Ann: Brisbane Mining Club Presentation, page-18

Zinc bears on the attack again after LME stocks rise
http://www.mining.com/web/zinc-bears-attack-lme-stocks-rise/
Spot charges have been on a steep upward trend in recent months as more raw material becomes available from new and restarted mines, such as New Century Resources, which has just reported a 50-percent jump in first-quarter production.
Bad timing?
Timing zinc's price peak is turning out to be just as tricky as timing the original rally.
There were several false starts to that rally as funds bought into the zinc deficit narrative only to be wrong-footed by sudden, large-tonnage deliveries of zinc into the LME storage network.
LME stock signals turned out to be a poor proxy for underlying market dynamics.
The question is whether they are any more reliable right now. This month's deliveries of metal into LME sheds may not be a sign of imminent surplus but simply a normal market reaction to the elevated cash premium. That premium is predicated on a lack, rather than a surplus, of metal in the LME system.
Zinc bears are betting rising stocks mean the days of surplus have arrived.
If they're wrong, there will be more pain for short-position holders in the weeks ahead.