Stagnant consumption, stable supply grow zinc social inventories

SHANGHAI, Feb 1 (SMM) – Social inventories of refined zinc across Shanghai, Guangdong and Tianjin expanded 13,300 mt from Monday January 28 and 17,600 mt from Friday January 25 to stand at 130,300 mt as of Friday February 1, SMM data showed.

Most downstream consumers suspended this week for Chinese New Year while smelters maintained stable production. This, together with the inflow of a small amount of seaborne materials, grew inventories.

Social stocks are expected to see larger gains after the CNY break.