Even though the zinc LME inventory is dropping at around 1000t/day again,we have seen of late a "hand to mouth" feeding behaviour where the cancelled warrants would drop around 4-5000t to sub 6Kt and then move back up to 9,000t+ again.
Not happening the last few days.Cancelled warrants have virtually remained constant at 9,500t so any expiry of cancelled warrants is being backed up by a relatively constant cancelling activity keeping it at around 12%.This will guarantee draws for the next week or so at least and if this draw rate maintains itself and we see no major inflows(warranting) we will not be far from the 60kt mark by then as long as cancelled warrants keep backing up at 12%.
d.
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