Following is a breakdown of exports (in tonnes): Type Oct 11 Sept 11 Oct 10 Jan-Oct 11 Jan-Oct 10 SHG 4,034 4,427 2,728 27,353 34,621 PW 4,744 5,356 5,792 43,939 47,461 TOTAL 8,778 9,783 8,520 71,292 82,082
The average of zinc exports per month by Japan during 2010 was 9210t.
After the Tsunami they fell to 7,921 but are up over 9280t on average for the last two months.
So where has all this zinc gone. If it's really true that LME warehouses have absorbed that much zinc and on sold 30% of it to Taiwan, then Japan and the global economy must be in much better shape than we thought. After all, what is Taiwan doing with so much zinc? Shame you can't see the individual warehouses on Basemetals any more. Just can't figure out exactly what's happening. I also read about a shipment of 40,000t being sent from Amsterdamm to New Orleans to starve Euro warehouses and push up zinc prices.
Something is a bit fishy. I suspect JP Morgan & Goldman who own the warehouses are up to some tricks. It's no secret that Goldman is stuck on a zinc long from June that is very underwater. Better to be with them on a trade then against them...
