NCZ on fire!!, page-34

Glencore - comments on Zinc in their results overnight - every chance Zinc can rally harder over next few months and then NCZ will have more options for pre-payments, offtakes and debt finance from the concentrate traders who will be desperate for product.Â

"Zinc and lead
China's end user demand for zinc-bearing finished products remained healthy, as the infrastructure, real estate and white goods sectors continued to show resilience over the half, following a strong 2016. As a result, SHFE metal stocks dropped by more than 50% since December 2016 to 65,000 tonnes, the lowest since Q1 2009.
As the metal market is currently in deficit, any disruption of supply such as the one experienced in North America, is difficult and costly to replace, driving up regional premiums. Metal stocks have started to flow out of LME warehouses at an increasing pace; 137,000 tonnes since December 2016 to some 291,000 tonnes, a trend we expect to continue in H2 2017.
The lead market is challenged with similar factors"