Zinc social inventories rose 5,500 mt over holiday

SHANGHAI, Jun 29 (SMM) – Zinc inventories in China rose over the Dragon Boat Festival holiday, propelled by Guangdong and Tianjin where saw concentrated arrivals.

SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei rose 5,500 mt from last Wednesday June 24 to 223,900 mt as of Monday June 29. The stocks were up 3,000 mt from last Monday June 22.

Compared to last Wednesday, social inventories of refined zinc across the three major trading hubs (Shanghai, Tianjin and Guangdong) grew 5,700 mt.

Concentrated arrivals at north China’s Tianjin over the holiday included Zijin cargoes, while stocks in south China’s Guangdong climbed as smelters increased shipments and as downstream consumption there was sluggish.

Stocks in east China’s Shanghai edged down over the holiday due to bargain-hunting by downstream consumers.