Given this relatively positive picture, zinc prices should be shifting upwards quickly, but they aren’t.
Leaving fund games and financing aside for a moment, at a fundamental level, there are two possible reasons for this: either the concentrate supply story isn’t all it’s built up to be, or there’s a vast amount of refined metal still available.
It’s the latter.
Zinc concentrate supplies are very tight, with most production spoken for, and those producers with material to sell having very occasional tenders. This means the only sources of...