Zinc social inventories rose 4,000 mt over weekend

SHANGHAI, Jan 11 (SMM) – Zinc inventories in China rose over the weekend, primarily propelled by an increase in Guangdong.

SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei increased 4,000 mt from last Friday January 8 to 154,000 mt as of Monday January 11. The stocks were up 6,400 mt from last Monday January 4.

Stocks in Shanghai increased slightly as shipments from Tianjin arrived one after another with downstream rigid demand. In south China's Guangdong, the smelter increased shipments to the Guangdong market at high prices due to the shortage of market sources, leading to the increase in local zinc inventories. Stocks in Tianjin continued to rise as downstream demand weakened.

Compared to last Friday, social inventories of refined zinc across the three major trading hubs (Shanghai, Tianjin and Guangdong) increased 4,000 mt.