Damn it. I think this 40,000t has showed up. Kitco inventory should rise 43,700t tomorrow. The targeted headline with backorder for 2012 will be 789,900.
According to the ILZSG, An expected fall in the rate of growth of Chinese apparent demand to 2.1% in 2011 is likely to have been partially influenced by the destocking of unreported inventories after a build-up of stock in 2010. In 2012, Chinese apparent usage is forecast to rise by 5.7%.
From above - the Group expects supply to continue to exceed demand in the world refined zinc metal market both in 2011 and 2012. A surplus of 317kt is forecast this year with a more modest excess of 135kt anticipated in 2012.
Or in other words, 2012 will be a year of consolidation with the 2011 surplus expected to drop 182kt in 2012.
KZL Price at posting:
27.5¢ Sentiment: LT Buy Disclosure: Held
