Looking at LME zinc inventory levels, we will break below 300,000 tonnes in a few weeks.
Global zinc demand is ~14.3 million tonnes per annum. 2% is 286,000 tonnes.
2% of 365 days is essentially ONE WEEK.
Now I know there are adjustments to that, namely: 1) zinc stored elsewhere (negative for our case) 2) financial instruments on LME (positive for our case).
But if you were a Zinc smelter, wouldn't you start to get a little nervous? The proof is that treatment charges are now close to record lows. Yeah, they see the fundamentals first hand and this is what you call a reaction.
Frankly, it's BS what is said here...
A) the zinc is in the ground and its huge B) we have the permit C) we need the zinc price to break out - which I'm expecting
The money has ALWAYS followed. This time won't be any different.
Looking at LME zinc inventory levels, we will break below...
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