Iron ore gets battered again and the zinc price becomes collateral damage it seems.
IBG has held up reasonably under the circumstances while our faith is being tested. See a few posters concern themselves with mining licence and MOU with China NonFerrous. To be sure, will be nice when these factors progress further, however IBG will always be a proxy for zinc. And it looks like the zinc price now has only one way to go!
Am somewhat surprised it hasn't started a strong move to $1 per lb and beyond given what is happening with the LME inventories. At the beginning of the year, just over two months ago, they were 690,000 tonnes. Today they are 540,000 tonnes. Furthermore you can see below the levels have been falling around 4,000 tonnes per day lately where previously they were around 3,000 tonnes. They've fallen 100,000 tonnes in the last month and a half.
You can do your own extrapolations but looks to me like sub 300,000 tonnes is not too far away - around the same time we can expect mining approval and news of the impending closure of the Century mine. If these events don't put a rocket under the zinc price and IBG, I will be flabbergasted. Just got to hope those levels keep on dropping.
Glad to be BIG on IBG
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