Analyst Ryan Cochrane told the PDAC Convention in Canada that he's now "quite positive" on zinc having been bearish on the galvaniser when he presented two years ago.

That bearishness proved accurate given the zinc price fell about 40% from February 2018 to December 2019 as demand fell for various reasons including, most particularly, China's general economic transition from a heavy infrastructure spend.

And since the coronavirus crisis hit, the metal has dropped a further 11%.

Cochrane, who was at CRU two years ago but is now at Open Mineral - a firm started a couple of years ago by a two ex-Glencore traders and described in some quarters as an eBay-style market place for metals - believes the battered metal could see some positive action in the second half of 2020 aided by potential macro tailwinds such as a weaker US dollar.

Cochrane noted a current "interesting" anomaly in the market - treatment charges for zinc concentrate falling as demand for the commodity fell.

"The consensus view would be such a reduction in demand would drive up a huge glut in concentrates, and this would push up TCs," Cochrane said.

"But with the fall in zinc price you started to see spot TCs starting to turn around."

Still, Megan Degelman-Smith from the world's third biggest zinc producer, Teck, believes further mine closures can be expected this year given about a quarter of global production is currently underwater.

Not a positive forecast for some stressed-out producers, but for those that can ride out 2020 …