Zinc Ingot Social Inventory Gained 800 mt over Weekend

SHANGHAI, Mar 6 (SMM) - According to SMM survey, zinc ingot social inventories across seven major markets in China totalled 184,900 mt as of March 6, up 1,500 mt from the previous week and up 800 mt over the weekend.

In Shanghai, the arrivals during the weekend were scarce, and some cargoes heading for Zhejiang were still in transit. The active pick-up activities resulted in a slight decline in inventory in Shanghai. In Tianjin, the buyers were keen on picking up cargoes during the weekend thanks to low zinc prices last Friday. But the outnumbered arrivals still contributed to a slight increase in local inventory. In Guangdong, the arrivals during the weekend rose sharply, while downstream enterprises also purchased passionately. Nevertheless, some goods holders held back from selling with expectations for lower arrivals. As a result, the inventory in Guangdong accumulated fractionally.

Taken together, inventories in Shanghai, Guangdong and Tianjin lost 300 mt, and inventories across seven major markets in China added 800 mt.