SHANGHAI, Jul 9 (SMM) – Zinc social inventory in Shanghai, Guangdong and Tianjin was little changed over the weekend as shipments leaving the warehouses in Shanghai offset the arrivals in Guangdong and Tianjin, SMM research found.
The overall inventory edged down 2,300 mt from last Friday to 109,900 mt as of Monday July 9, with inventory in Shanghai down 3,800 mt to 80,400 mt, inventory in Guangdong up 1,400 mt to 10,700 mt and inventory in Tianjin up 100 mt to 18,800 mt, SMM data showed.
We expect zinc prices to stablise this week. Downstream consumers are likely to take a watch-and-wait stance as some of them had restocked last week. The inventory, therefore, is expected to hold steady or nudge up this week.