Zinc has opened 2018 in a buoyant mood; LME 3-month zinc has set a fresh high of $3,390/tonne at the start of this week. The fundamentals point to a supply deficit, exchange stocks are falling and demand looks robust, driven by concerted global growth. At the same time higher prices are likely to attract more interest in forward selling and may attract more idle capacity restarts, but the outlook remains bullish overall. Global visible refined zinc stocks came under heavy pressure last year due to structural tightness; LME-SHFE stocks combined dropped 331,069 tonnes in 2017. The 25,075 tonnes of fresh warrant cancellations last week signals the...
Key bullish assumptions for the year ahead
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