More matter with less art

Chart of the day is…

…zinc, one year:
It’s been flat as a pancake for over a month, hitting 85c on May 15th and then mumbling between 84 and 86 since then. What with the continued rise in stocks, it looks for all the world like the producers are saying “we’re not selling any lower than this, get used to the idea”. And 85c/lb isn’t a mega-profit zone for most producers, but most mines are cash flow positive at this level.

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