March quarter predictions, page-46

It's a very weird decision by management for the hedging. At the top level of decision making there are research houses like "Woods Mackenzie" https://www.woodmac.com/ which provide in-depth data on commodities and more. A simple read of their report prior to the hedging decision would have "Screamed At You" Zinc deficit for X number of years. So overall a very dumb decision and one that basically only guarantees Macquarie Bankers their bonus for the next couple of years (Might as well call that dividend stripping from the share holders in a legal way, others would call it theft)

Interesting how the recent NCZ presentations have quietly dropped any mention of hedging in their presentations.

Extract from the AFR today:

"Zinc prices rose to their highest in four weeks as a rapid fall in the amount of metal available in the LME warehouse system added to fears of supply shortages. Benchmark zinc on the LME was down 0.4 per cent at $US4323 a tonne at 1607 GMT having earlier reached $US4435. The metal used to galvanise steel is up about 23 per cent this year after rising 28 per cent in 2021 and touching a record high last month.“Zinc stocks are already very low,” said ING analyst Wenyu Yao. “There’s not much of a buffer.”"