SHANGHAI, Jan. 22 (SMM) - Combined zinc inventories in Shanghai, Tianjin and Guangdong remained largely unchanged at 325,300 tonnes this past week, SMM data show.
Zinc stocks in Shanghai fell, while those in Guangdong and Tianjin posted gains. Less inflows of imported zinc, combined with downstream stockpiling precipitated a drop in Shanghai’s zinc stocks. Guangdong saw decreasing downstream purchases due to suspension for the Chinese New Year holiday. Arriving shipments in Tianjin were stable, but zinc smelters were unwilling to sell due to falling zinc prices.
Total inventories in the three regions should grow next week on closures at downstream producers for holiday and operation halts at traders after settlement date, SMM predicts.
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