Ann: Quarterly Activities Report, page-23

No logical inconsistency. Just pointing out the fallacy of using the LME stock levels at different time periods when the rules changed during the period.

If the LME rules were static and SHFE volumes were not a larger proportion to the overall zinc metal compared to previous decades perhaps you may have had a point.

Also do some research on SHFE/LME stock brand registration to see how easy it is to move. Also perhaps where the SHFE zinc stocks were arriving instead of ‘maybe it was also shadow stocks’....

I’ll leave you to NCZ and your upcoming zinc bull market.