Standard arguments suggest that mining companies lack sufficient market share to allow profitable exercise of monopoly power. However, low production and consumption elasticities can lead to prices being very sensitive to small supply disruptions. Metals are durable commodities. Supply from stock can offset the impacts of low elasticities in the short run but stocks also prolong the impact of any supply restriction. The interaction between storage and low elasticities can confer pricing power on a producer with a modest market share. I illustrate by looking at Glencore’s “disciplined” supply response when, in October 2015, the company announced a 30% cutback in zinc production. The zinc price more than doubled over the two subsequent years.

标准论点表明，矿业公司缺乏足够的市场份额，无法允许利润丰厚地行使垄断权力。但是，低的生产和消费弹性可能导致价格对少量供应中断非常敏感。金属是耐久的商品。库存供应可以在短期内抵消低弹性的影响，但库存也可以延长任何供应限制的影响。存储和低弹性之间的相互作用可以为具有适度市场份额的生产者赋予定价权。通过查看嘉能可在2015年10月宣布将锌产量削减30％时的“有纪律的”供应响应，可以说明这一点。锌价格在随后的两年中翻了一番还多。