I personally think that there is no hidden stock, but I could be...

I personally think that there is no hidden stock, but I could be wrong, the downtrend channel shown in the graph tells everything. In the past 12 months, on average stock level is losing 110,000 every 4 months (almost 10% taken from stock level). That's "conservative downtrend".

As China increased zinc production this year & next year, all the stock that come in produced & consumed straight away. China consumed 40% of world zinc, they are increasing zinc consumption by at least 5% next year for galvanising, construction & railway works. US & Europe economies are improving beyond expectation. If the LME stock heading down towards 700,000 support level without bouncing up, then we are facing "aggressive downtrend". Will find out in the next few weeks.