Great timing if it does for those about to clinch offtakes/finance;-)
I'll believe it when I see it but the buying has been very supportive for zinc as of late and it looks as though its going to buck a potential head/shoulders.If it does this then these recent media items re the markets underestimating the basemetals demand could be on the mark.
Stockpile fundamentals will have to remain and would have to drop below 50Kt to push zinc on well past $2/lb but watch for the Chinese to dump some stockpile into such a rally.
Zn tends to be umbilicaled to Cu much of the time so it would help if Cu continues its stockpile trend too.The fact that Cu has had strong drawdowns also supports the notion that forward basemetals demand has been underestimated.
d.
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