Zinc TCs tell the story - Glencore disruptions are not having...

Zinc TCs tell the story - Glencore disruptions are not having any impact. I was previously expecting a small drop in TCs as a result of Peñasquito issues and the restocking of smelters prior to winter/Chinese new year however they have actually gone up.

TCs do affect all miners however larger mining companies and ones with significant by-product credits will likely fare better. Mining companies with smelters fare better as they will prioritise their own mine production over 3rd party production in an oversupplied market.

Enjoy the high prices while they last - I’d expect that zinc prices will be closer to $1/lb (Vs where they are now) by year end.