Picking 2 random points is hardly shows correlation. Levels of...

Picking 2 random points is hardly shows correlation. Levels of correlation can also change significantly over time.

https://www.reuters.com/article/us-lme-warehousing-ahome/column-london-metal-exchange-to-shine-a-light-on-shadow-stocks-idUKKCN1UK2E2

While the article focuses on copper and aluminum - it’s wishful thinking to believe that there are not large stocks held outside LME/SHFE system for zinc. Plenty of reasons including the metal may not be a registered brand of zinc on LME so can’t be delivered, cheap storage deals provided by non LME warehousing companies + cheap finance by banks.

Look at the chart from Apr’19 to May’19. LME stock rose by almost 60k in a month. The fact is LME stock levels can be easily manipulated by large holders/traders of physical zinc metal.

Analysts should look a stockpiles along with other indicators of the zinc market including zinc premiums, how much of a contagious or backward action the metal is.