Mining boom over? Except for nickel, some rare metals like...

Mining boom over? Except for nickel, some rare metals like tungsten and now the very un-rare but unloved zinc, the fourth most used metal and heading for a supply crunch. Last night zinc shot up over $US1.02 per lb, $2250 per tonne.

Here's the 30 day zinc spot chart:



And what's driving it? Check the 30 day LME inventory chart:

  

Slow train coming with zinc price set to return to boom days amidst mine closures and sparks are beginning to fly for biggest ASX zinc stock left after big boy takeovers. Ironbark IBG has gone from 4.5c to 7.1c yesterday in just over two weeks.

At this rate zinc will easily reach $US1.20 by year end, as projected by various watchers, and IBG could well be around 15 to 20 cents. If the zinc price continues to rise through 2015 and 2016, well let's not jump ahead too much. Suffice to say the last time zinc reached $US2, IBG peaked at $1.26 - just need for the Chinese to keep churning out those automobiles.