RE:RE:RE:RE:RE:Zinc warehouse levelsTickerTwit wrote: The 180K figure is total physical holdings on the premises, whether available or not, if I understand LME's inventory quotes correctly. The simplest theory: there haven't been any recent deliveries.
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Blazesb wrote:
For the entity currently keeping LME inventory at 180 ...
[...]
But as a working theory explaining the static LME inventory number, it will serve.
This "simple" theory is half correct. This time of year there are few infows and deliveries to LME because the big producers are mainly VERY north and locked in with ability to ship. E.G. red dog. But ... For your theory 2 b correct .... there would also need to b few / no purchases and outflow. While many warrants are being cancelled, not all are. Sime contracts are being completed and delivered. So ... blaze is right, GLEN is holding the level here and propping LME levels up because they feel that will help keep their current 3 mon futures contracts below spot and therefore make them $ on tbe difference . The gap between 3vmon and spot was created by the recent spot spike. When their 3 mon contracts close .. you'll see the draw down start back up and ... almost certainly see the next 3 mon futures move to align with spot at this higher level.