Adjusting the Battery Blinkers

• Copper smelters are struggling for profitability but output is still rising, creating a relative concentrate imbalance in copper and zinc.
• Zinc mine output has declined year on year, leading to a tightness in concentrate supply and challenges for smelters.
• The electric vehicle market is facing challenges due to high costs and lack of policy support, especially in OECD markets, while China has a significant lead in the industry with lower costs and established supply chains.

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