THH – Supply Cannot be Printed

We can be frustrated with the paper price of some metals etc but alas one cannot print supply and new supply (mines) takes longer and longer to get online…

COMEX REGISTERED SILVER FALLS TO LOWEST TOTAL LEVEL SINCE OCTOBER 5, 2018 AS OVER 2.9 MILLION OUNCES ARE TRANSFERRED TO ELIGIBLE REGISTERED SILVER STOCKS NOW DOWN OVER 51% SINCE #SILVERSQUEEZE WEEKEND, TOTALING ~76.7 MILLION OUNCES – LINK

Zinc Inventories Diverged between SHFE and LME, with LME Zinc Stocks Hitting a Two-Year Low- LINK

Inventories of base metals in London Metal Exchange warehouses have plummeted to critically low levels, sparking fresh concerns of a spike in prices that would leave physical commodity markets vulnerable to a short squeeze.

Available stockpiles across the six main contracts on the LME – copper, aluminium, zinc, lead, tin and nickel – have fallen to the lowest level on record based on data going back to 1997, Bloomberg says. Total LME inventory of the six metals has plunged to just 500,000 tonnes from about 6 million tonnes in 2010.

“The fact inventories are drawing down as far as they have shows that we’re in a deficit market where strong demand is being met with short supply,” said James Stewart, portfolio manager of Ausbil’s Natural Resources Fund. – LINK

“LONDON, May 30 (Reuters) – Dwindling stocks in London Metal Exchange registered warehouses mean wild price swings for metals such as copper, tin and zinc are likely to be a feature of the market for some time.

A manufacturing revival after COVID lockdowns were lifted last year caused demand to soar, particularly in top consumer China. The shortages that followed led to the depletion of stocks in LME warehouses.” – LINK