Zinc/Lead stocks: By the end of November 2017, zinc inventories at LME had continued to fall to 0.21 million tons. The inventory at SHFE is around 80,000 tons, while the inventory at Comex stands at 4,500 tons — the latter is therefore negligible. The stocks correspond to the consumption of about 8 days. Overall, supplies have become scarcer. The supply deficit in 2017 is expected to be 400,000 tons. The lead reserves at LME are 145,000 t and those at SHFE are down to 34,000 t. Inventories at Comex are insignificant (<1,000 t). The absolute level of lead reserves corresponds to the consumption of less than five days. This means that the supply situation for lead is very tight. The market is expected to close 2017 with a deficit of 125,000 tons.
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