SHANGHAI, Aug 9 (SMM) – Zinc social inventories across Shanghai, Tianjin and Guangdong accumulated this week, contributed by higher stocks in Guangdong on greater arrivals from domestic smelters.
SMM data showed that stocks across the three areas expanded by 4,400 mt from Friday August 2 and by 2,800 mt from Monday August 5 to stand at 148,700 mt as of Friday August 9.
Arrived cargoes in Shanghai and Tianjin remained limited. Downstream consumers stockpiled as required after zinc prices fell below the 19,000 yuan/mt level.
Zinc inventories are expected to extend increases in August, but concentrated maintenance across smelters will cap the growth.
