Big News DayNew Chairwoman of Trevali Board. Spot Zinc hits $1.305. Nyrstar (largest zinc refiner in Europe) reported near declaring bankruptcy. LME inventory below 59,000 tons. News of Australian supply disruptions finally being broadly covered--tip of the hat to stockhouse posters who got there first!
And this inventory news from Reuters CHINA STOCKS: Zinc stocks in warehouses monitored by ShFE are above 117,000 tonnes, according to latest data. That, combined with more than 82,000 tonnes in Shanghai bonded warehouses, takes the total to near 200,000 tonnes.
Talk about feed for the bulls and bears. Bulls winning if spot zinc tells the story. Nice add by Trevali. Watch for Glencore circling Nyrstar assets--though courts will slow this story.
Chinese inventory numbers confirm inventory business migration from LME which has to be affected by Brexit concerns.
Very interesting day.