SHANGHAI, Jun. 8 (SMM) - Combined zinc inventories in Shanghai, Tianjin and Guangdong fell 1,500 to 320,500 tonnes this week due to pre-holiday stockpiling.
“Zinc stocks in Shanghai declined, while those in Guangdong and Tianjin grew slightly. Outward shipments from Guangdong were still limited. Tianjin’s zinc smelters sold proactively, but downstream buying interest was weak.” said one SMM zinc analyst.
Total inventories in the three regions should remain largely unchanged next week, SMM says. Despite the need for stocks replenishment after the Dragon Boat Festival in China, arriving shipments during the holiday will be large.
“Zinc inventories appeared to have stopped falling recently against sluggish consumption.” the zinc analyst added.
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