Seaborne, domestic arrivals grow zinc social stocks

SHANGHAI, Nov 19 (SMM) – Social inventories of refined zinc across Shanghai, Guangdong and Tianjin came in at 129,500 mt as of Monday November 19, up 5,200 mt from Friday November 16 and 6,500 mt from Monday November 12, SMM data showed.

Importers moved their cargoes to the spot market while high prices held downstream buyers from purchasing. This grew stocks in Shanghai over the weekend.

The Tianjin market also saw gains over the weekend as some domestic smelters stepped up shipments to social warehouses.

Social inventories of refined zinc across Shanghai, Guangdong and Tianjin are expected to extend their gains, bolstered by seaborne and domestic arrivals, but gains will be limited by output growth.