SHANGHAI, Jun 21 (SMM) – Greater arrivals continued to expand zinc social inventories this week, but downstream purchases limited the increase. 

SMM data showed that social inventories of refined zinc across Shanghai, Tianjin and Guangdong increased by 1,300 mt from Friday June 14 to stand at 155,200 mt as of Friday June 21, down 3,000 mt from Monday June 17. 

In Tianjin, downstream stockpiling on lower prices and greater shipments by smelters to eastern warehouses for warrants considerably lowered inventories of the city on the week. Arrivals of cargoes and moderate purchases by downstream consumers slightly reduced zinc stocks in Guangdong. 

Inflows of domestic and seaborne materials continued to grow social inventories in Shanghai this week, but at a slower rate, after deliveries from smelters built up stocks in the prior week.