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Zinc inventories dip in major markets as holiday approaches
China’s zinc inventory in warehouses in Shanghai, Tianjin and Guangdong dropped for the week ending Friday April 27 as smelters were unwilling to make deliveries.
SHANGHAI, Apr 27 (SMM) – China’s zinc inventory in warehouses across Shanghai, Tianjin and Guangdong dropped for the week ending Friday April 27 as smelters were unwilling to make deliveries.
The stocks level stood at 155,400 mt as of Friday, down 21,500 mt from a week ago, SMM data showed. In addition to smelters reluctant to make deliveries due to the value-added tax (VAT) cut, some stockpiling was seen for buyers ahead of the Labour Day holiday.
Zinc inventories in the three regions are likely to rise next week but SMM expects the increase to be limited.
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