Here's the problem I see. One year ago, stock levels were 160k tons and now are 60k tons. That's a reduction of 100k tons in one year! They can NOT go down another 100k tons next year as there is only 60k tons left! There is a shortage about to happen!
If you can find a graph of zinc concentrate inventory levels across the trade flow - miner’s stocks, trader port stocks and smelter stocks it would tell a very different story. The zinc is there - its just in concentrate form. The backlog as miningnut’s article highlighted is on the smelting side and its a matter of time before it gets converted into metal. As I mentioned previously - there will be a spike however over time zinc stock levels will rise.
NCZ Price at posting:
33.5¢ Sentiment: Sell Disclosure: Not Held
Len
