surplus pushed back from this year until 2021 now. The bears...

surplus pushed back from this year until 2021 now. The bears have pushed zinc down on the demand doom and gloom but no one is looking at what the actual supply is doing not predicted supply.

Im a NCZ bull and even they won’t hit the targets these analysts have in their forecast. Couple that with Glencore production off 7% for the year (80kt of metal), mines shutting down with record low payabilities because of the high TCs doesn’t paint a rosy picture for supply for the marginal producer.

Good thing I’m seeing is if NCZ can bring on 12mtpa production Q1 next year and get their cash costs down to anywhere near their predicted LOM C1s of 56c then it will be irrelevant where the zinc price ends up! They will be able to ride out any macro cycle.