SHANGHAI, Jun 29 (SMM) – Zinc social inventory in Shanghai, Guangdong and Tianjin extended its decline over the week ended Friday June 29 on limited arrivals, SMM learned.
As of Friday, the overall inventory shrank 14,100 mt from Monday to 124,400 mt, with inventory in Shanghai down 10,100 mt to 95,200 mt, SMM data showed.
Smelters held back selling as zinc prices tumbled earlier this week. The market also saw limited arrivals of imported materials.
Meanwhile, shipments leaving warehouses were stable as downstream consumers stockpiled at low prices.
We expect the inventory to continue its decrease next week in anticipation of few arrivals of imported materials.