Morning, what a day before xmas. Just want to remind what...

Morning, what a day before xmas. Just want to remind what Glencore said in their last presentation 2-3 months ago. What I recon the consistent drop of 110,000 every 4 mths will become 200,000 drop every 4 mths.

The zinc market is facing a structural deficit in the next few years as new supply fails to keep pace with demand growth, officials at Glencore Xstrata told the company's investor day Tuesday.

"Zinc demand is growing at close to 5% per year," Daniel Mate, head of the company's zinc/lead marketing operations, told the briefing, adding that the refined zinc market has already been in deficit for several quarters.

According to Glencore's presentation, a 5% increase in demand equates to around 600,000 mt of new zinc mine capacity needed every year; by 2016 nearly 2 million mt of new annual production will required, and by 2020 5 million mt, the company said.

Known expansions and new projects are expected to add around 1.1 million mt of zinc to global mine production by 2016, but that still leaves a gap of 1 million mt, the company said, adding that thereafter mine production is likely to fall by a cumulative 2 million mt in the following five years as significant mine production, such as Lisheen in Ireland and Century in Australia, reaches the end of its life.