Overnight LME inventories of Zn 199425 T. First time it has been below 200kT in about a decade. Zn is still the only base metal in backwardation. OK I get that there is some evidence that the window dressing for the 5 yearly Conference in China is over, but the fundamentals seem pretty bullish still. No news on Glencore bringing back mothballed supply - and that will take more than 12 months from announcement to hitting the market. Great time to be mining Zinc! Great time to be building a new Zinc mine to add to the one already in production! Great time to drill up an increased mine life and fill the mill!
Cheers,
Tim.
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