https://think.ing.com/articles/zincs-turning-tide-amid-coronavirus-outbreak-china-epidemic-industrial-metal/
Good article from ING about the state of play currently.Over the last week, there are signs that the tide might be turning. First of all, there have been sharp rises in both London Metal Exchange inventories as well as the Shanghai Futures Exchange. Second, the long-standing backwardation in the LME market has flipped over into a contango market, making zinc vulnerable in the near-term. As the stock continues to climb, there would be a stronger mandate to short zinc and a broad bearish case is likely to unfold sooner than later.
The outbreak of the epidemic did not cause the turn, it only accelerated it.