UBM - Zinc Is Following A Bull Narrative Like Copper

• China has had no need to step up its purchases from the rest of the world in the way that it did during the last financial crisis or as it has this year for copper and aluminum.
• The ILZSG is predicting a rebound in refined zinc output next year to 13.14 million tons and a rise in demand to 13.52 million tons, suggesting the market will remain in apparent deficit.
• A shock to demand, a surge in supply or a flattening of the forward curve making financing harder could all knock what looks like somewhat artificially supported market from enduring through next year.

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