Attached latest from Reuters: Link is on...

Attached latest from Reuters: Link is on https://www.*****.com/news/2019-03-01/METALS-Zinc-gains-on-dwindling-stocks-others-fall-on-China-worries.html#.XHpnJdYiUbw.email

Extract Below. 

LONDON, March 1 (Reuters)

Zinc rose on Friday on concern about shortages after inventories slid, but some other industrial metals were softer after factory activity in top metals consumer China contracted. Zinc mines have been ramping up, but smelters have not been able to keep up, so shortages of refined metal have persisted. "Most if not all Western smelters are probably working flat out, but in China, with the environmental scrutiny clampdown, capacity is being cut and new capacity has been delayed," said Robin Bhar, head of metals research at Societe Generale in London. "The deficit in the refined market is being met by the drawdown in stocks, so that's lending a lot of support to the zinc price." On-warrant zinc inventories in warehouses registered with the London Metal Exchange, material that is not earmarked for delivery, fell to 46,000 tonnes this week, LME data showed. That was the lowest since at least 1998, having more than halved so far this year. Benchmark LME zinc rose 0.6 percent to trade at $2,793.50 a tonne in official open outcry activity, after climbing 13 percent so far this year. 


* COPPER STOCKS: Earlier this week, available LME copper stocks fell to 21,600 tonnes, their lowest since 2005. "The fact that spreads are not insanely backwardated at these levels of stocks tells you that there is some metal around but it isn't necessarily on the LME," said Guy Wolf, head of
global market analytics at Marex Spectron. The backwardation - the premium of cash copper over the three-month LME contract - was at $42 a tonne on Friday, compared to a discount of $23.25 a month ago, but far from a peak premium of $149 seen in 2012.

Looking at Westmetall, whilst both Zinc and Copper are in backwardation (but futures pricing are rising), Lead is in contango. On warrant lead inventories are at 44,150 tonnes https://www.lme.com/en-GB/Metals/Non-ferrous/Lead#tabIndex=0. Excellent news all round for future hedging contracts.

Instos abandoned base metals in 2018, but they will be back later in 2019. As I have previously mentioned, but all IMHO and DYOR, H2 2019 will be the pivot for RVR. We saw a glimpse of this the other week from early movers, but weak hands got spooked. I have no critcism of the company management whatsoever. Developing a company through cashflow, rather than equity dilution, is not an easy task and it takes time. Many people underestimate how difficult commissioning a plant, continously improving the C3 cost whilst, in parallel, increasing resource/reserve base is! Many resource companies fail time and time again trying to do this. RVR hasn't, this is a good team.