SHANGHAI, Jun. 5 (SMM) – Guangdong becomes the only one of the three regions reporting zinc stocks growth in the week ending June 5, Shanghai Metals Market survey shows.
The increase in Guangdong’s inventories is due largely to growing arrivals of goods from other regions, driven by higher prices, SMM says, despite of steady out-shipments there.
Inventories in Shanghai and Tianjin dropped for three weeks in a row because of limited imports and falling shipments from smelters, which chose to transport goods to Guangdong.
Stable demand in Tianjin was also attributable to the inventory decline there, SMM points out.
According to SMM data, total inventories in the three markets were 277,300 tonnes in the week ending June 5, down 2,200 tonnes on a weekly basis, and next week is expected to see a continuous drop in inventories, SMM foresees, citing smelters’ reluctance in sales at lows as the main reason.
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