Zinc inventories crept up for about a month and a half by only about 15,000 tonnes and have been rolling over since. That's actually pretty amazing when you consider they had a short-term surge of 60,000 tonnes from delayed shipments from the world's biggest zinc mine, Teck Cominco's Red Dog mine http://www.greatinvestments.blogspot.com/
The fact that zinc inventories only had that temporary blip up from that sizable surge indicates the underlying supply deficit is still there, despite what analysts and the media are saying. I think that will become evident in coming months as zinc inventories head even lower, and zinc could get a nickel-like explosion higher.
Nickel's gone from about $6.75/lb. a year ago to over $19/lb. now as LME inventories have dropped from about 35,000 tonnes to 4,398 tonnes. Zinc is a much bigger market than nickel, so by comparison, zinc's LME inventories are already very low -- over the last 5 years, nickel LME inventories have averaged around 20,000 tonnes while zinc LME inventories have averaged around 400,000 tonnes. It will be interesting to see what level of LME inventories causes the price of zinc to take off -- the all-time low around 84,000 tonnes (currently at 96,625 tonnes)?
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