SHANGHAI, Jun. 12 (SMM) - Shanghai’s zinc inventories will fall further next week on decreasing supply from smelters caused by lower prices compared with Tianjin and Guangdong, SMM zinc group predicts.
Zinc inventories in Shanghai hit a one-month low this week due to the same reason, SMM zinc analyst says.
Guangdong’s stocks, however, grew for a second consecutive week thanks to stable shipments arriving.
Inventories in Tianjin held largely unchanged as both goods arrivals and out-shipments were limited. Some smelters, including Shaanxi Zinc Industry Co., preferred to directly sell to downstream producers. Local demand was also lackluster.
Total inventories in the three major markets in China fell for four weeks on end by 5,600 tonnes the week ending June 12 to 271,700 tonnes, SMM finds in its latest survey.
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