TD Securities is bullish on the zinc market:
“Chinese mine supply weak; refined imports at record levels — Wood Mackenzie forecasts that Chinese zinc mine supply rose 3.6% in 2017; during previous periods of elevated zinc prices (2010/2011, 2006/2007, 1996/1997), Chinese zinc mine production has climbed upwards of 12-15% on a year-over-year basis. Lower availability of both domestic and imported concentrate is constricting Chinese refined zinc production; 2017 refined zinc production was down 0.7% year-over-year, despite a sharp spike in production in Q4/17. Weaker domestic zinc production is leading to higher imports of refined zinc which totalled 676,000t in 2017 (+59% year-overyear), a record-high (previous high: 670,000t in 2009).”
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