Ann: Far West recoveries exceed expectations, page-39

Thanks Plext, here's another similar article from Reuters released a few minutes ago (adds a few more comments and prices). Note the increasing bullishness out of China.

METALS-Shanghai zinc hits 1-year high; tight stocks, trade talks in focus

BEIJING, March 27 (Reuters) - Most base metals gained groundon Wednesday, with Shanghai zinc touching a more than one-yearhigh, as investors focused on tight inventories and theresumption of U.S.-China trade talks.    The U.S. Trade Representative Robert Lighthizer and TreasurySecretary Steven Mnuchin are expected to arrive in Beijing lateron Wednesday for talks aimed at resolving a long-running traderow that has weighed on metals prices.    With London Metal Exchange zinc stocks MZN-STOCKS fallingto their lowest 28 years, the metal used to galvanise steeljumped 1.5 percent in London on Tuesday and prices in top zincuser China are also buoyant.      Current zinc ingot inventories are "extremely low" and thenext two-three months will see "intense destocking" asconsumption in China recovers, Jinrui Futures said in a note.

 FUNDAMENTALS    * SHANGHAI ZINC: The most traded May zinc contract on theShanghai Futures Exchange rose as much as 2.1 percentto 22,450 yuan ($3,344.46) a tonne, its highest since March 7,2018, and stood at 22,240 yuan a tonne at the end of themorning. Three-month zinc in London slipped 0.5 percentto $2,860 by 0450 GMT.    * OPEN INTEREST: Market open interest in Shanghai zincjumped to 632,310 lots of Tuesday, the highest since July 2017,pointing to greater bullishness.    * ZINC SPREADS: The premium of cash LME zinc over thethree-month contract CMZN0-3 stood at $47 a tonne on Tuesday,up $10.50 from Monday, indicating tighter near-term supply.    * STOCKS: At 56,425 tonnes, LME zinc stocks are at theirlowest since 1991, while copper inventories MCUSTC-TOTAL havefallen for seven straight days to 172,275 tonnes after spikingin the middle of the month.