Fact: China surplus can mask rest-of-world concentrate tightness is the main supply or demand angle for zinc this week.
Procurement teams should treat upstream constraints as a leading indicator. Price can soften before refined availability tightens, but the cost curve often moves first.
Rzzro view: the best hedge signal is not the daily high. It is the combination of inventory, treatment charges, and upstream flow data.
What this means for buyers
Use $3,450-$3,500/mt as the hedge band for 2-4 months. Track LME stocks and concentrate TCs; falling stocks with weak TCs usually lead refined tightness.