Blackrock: Zinc inventories falling faster than expected
Blackrock: Zinc inventories falling faster than expected. Zinc users are drawing on stockpiles of the metal to make up for production shortfalls. Supplies of the metal in LME-licensed warehouses fell to a 3.5-year low in July, and are down 21% this year. The warehouses contain enough zinc to meet 19 days of demand, down from 24 days at the start of the year. The recent zinc rally has really been driven by the fact that inventories have been falling much faster than people have been expecting, said Catherine Raw, a commodities portfolio manager for BlackRock Inc. (Source: WSJ via Canaccord Australian Brief)
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