Canaccord research note on zinc price action and trade warsThis research note fro Canaccord was just sent my way.
1-2-3-4, I declare a trade war
"As we had outlined in our previous commodity update here, in 1Q18, prices for the commodities we cover appeared to be finally getting back to fundamentals after being driven by a myriad of macro data points over 2H17. Since then, however, the sentiment pendulum appears to have swung in the opposite direction for copper and zinc, which have large and liquid futures markets. We believe that both commodities (but particularly zinc) are currently significantly oversold relative to their physical market fundamentals, largely due to the rising spectre of a global trade war that is still a very long way from having a real impact on physical demand for commodities."
Full link below.
https://cdn.ceo.ca.s3-us-west-2.amazonaws.com/1dkhoq3-Canaccord%20base%20metals%20report%20July%202018.pdf