SHANGHAI, Jun 21 (SMM) – Zinc inventories in China fell over the weekend.
SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei decreased 5,700 mt from last Friday June 18 to 122,900 mt as of Monday June 21. The stocks were down 9,200 mt from June 15.
Stocks in Shanghai continued to decrease as the sharp drop in zinc prices stimulated downstream restocking demand. In south China's Guangdong, market arrivals rose, and the downstream purchases at low prices increased, with stocks hitting a new low. Stocks in Tianjin began to fall as downstream purchases increased after zinc prices fell.
Compared to last Friday, social inventories of refined zinc across the three major trading hubs (Shanghai, Tianjin and Guangdong) decreased 6,000 mt.
