That the zinc market will tighten in 2014-15 owing to the closure of some large mines appears inevitable. But, for now, stocks (official and unofficial) are high and while consumption growth appears to be picking up, it is from a low starting point. We expect the latest upturn in prices to fizzle out given its dubious grounding in fundamentals. However, we do expect zinc prices to rise over the course of next year as the market starts to reflect the prospect of supply constraints, particularly from 2016.
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