Zinc social inventories added 28,300 mt from Monday

Published: Feb 7, 2020 14:29

Save

Shanghai saw a significant increase in refined zinc inventories this week

SHANGHAI, Feb 7 (SMM) – Zinc inventories in China continued to increase this week, but the buildup was limited, on the back of transportation curbs and delayed resumption of downstream operations aimed at containing the coronavirus outbreak.

SMM data showed that social inventories of refined zinc across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei rose 28,300 mt from February 3 to stand at 217,300 mt as of Friday February 7, 88,300 mt higher from January 23.

Shanghai saw a significant increase in refined zinc inventories this week. Recovery of downstream demand since next week may start to reduce the stocks, but the impact of the virus development on downstream production will remain a key factor to monitor.

Compared to February 3, social inventories of refined zinc across Shanghai, Tianjin and Guangdong climbed 25,200 mt as of February 7.

Inventory data Zinc

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Ivanhoe Mines in Talks to Supply Critical Minerals from DRC's Kipushi Mine to US via Gécamines, Mercuria

According to the release from Ivanhoe Mines on February 3, Ivanhoe Mines is engaged in in-depth discussions with Gécamines and Mercuria, planning to supply critical minerals from the ultra-high-grade Kipushi zinc-lead-germanium-gallium mine to the US. Under the proposed agreement, Mercuria's current offtake of Kipushi zinc concentrates will be allocated to the trading division of Gécamines, and the excess production resulting from the successful debottlenecking and expansion of Kipushi in Q4 2025 will also be allocated. The concentrates produced from the Kipushi mine also contain significant amounts of germanium and gallium. Gécamines has the potential to be responsible for the sales of up to 50% of the mine's concentrate production, including sales to the US.

1 hour ago

3 hours ago

Macro tailwinds coupled with sluggish spot market, SHFE zinc hovers at highs [SMM Zinc Morning Comment]

[SMM Zinc Morning Comment] Overnight, the most-traded SHFE zinc 2603 contract opened at 24,785 yuan/mt. At the beginning of the session, it surged to a high of 24,980 yuan/mt, but then bulls reduced their positions and exited the market, causing the contract to fluctuate downward and touch a low of 24,725 yuan/mt. It maintained fluctuations at lows toward the end of the session, ultimately closing down at 24,770 yuan/mt.

3 hours ago

ADP Data Falls Short of Expectations, LME Zinc Maintains Fluctuating Trend [SMM Morning Meeting Minutes]

[SMM Morning Meeting Minutes: ADP Data Falls Short of Expectations, LME Zinc Maintains Fluctuating Trend] Overnight, the LME zinc contract opened at $3,332.5/mt. Initially, it surged to a high of $3,360/mt, then fluctuated considerably around the daily average. Entering the night session, LME zinc fluctuated downward, touching a low of $3,293/mt, before rebounding slightly toward the session's close. It ultimately closed down at $3,305.5/mt, falling $17.5/mt, a decline of 0.53%. Trading volume decreased to 83,901 lots, while open interest increased by 471 lots to 233,000 lots.

3 hours ago