Zinc social inventories shrank 9,500 mt over weekend

SHANGHAI, Jun 7 (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 9,500 mt from last Friday June 4 to 142,700 mt as of Monday June 7. The stocks were down 11,700 mt from last Monday May 31.

Stocks in Shanghai decreased as downstream purchases at low prices increased slightly, and smelter maintenance affected the arrivals. In south China's Guangdong, market arrivals were still limited, the downstream purchase volume rose, which led to the continuous decrease in stocks. Stocks in Tianjin fell as the downstream galvanizing orders recovered, and the enterprise zinc ingot inventories were low, leading to a certain purchasing demand.

Compared to last Friday, social inventories of refined zinc across the three major trading hubs (Shanghai, Tianjin and Guangdong) decreased 9,400 mt.