Not sure what you are smoking saying the zinc market is not in a...

Not sure what you are smoking saying the zinc market is not in a surplus yet? The zinc TCs kept making record highs so the zinc was in the zinc concentrates waiting to be converted to zinc metal. Over Q4 this started to move to metal. Zinc metal premiums have been anemic, barely any zinc metal imports into China.

What you still don’t seem to understand was coronavirus is just the excuse for some of the zinc to start to come into the visible market. The surplus is made worse by the coronavirus but you could not have 300-400k delivered into Chinese+LME stockpiles in the last month if the zinc was not there!!

As to when there will be a significant turn in the zinc price (Above $1.20/lb) I’ll give you a hint but you ain’t gonna like the answer- it will be after a large producer goes on C&M. You know, the one currently at 11.5c, cashflow negative and has a mountain of debt. Other smaller producers will go on C&M too - but large ones will need to eventually bring the market into balance. High cost Chinese miners won’t because they are large employers in the region and/or they are integrated with smelters.
Even after large producers get out of the market, there will still be a large overhang of concentrate and metal stock to work through so still expecting the zinc price to average below $1/lb for this year.