SHANGHAI, Jun 22 (SMM) – Zinc inventories in China edged higher over the weekend, primarily driven by builds in Shanghai and Tianjin. Shipments from warehouses were at low levels in Shanghai as the continued rally in zinc prices last week sidelined downstream consumers. This, coupled with stable arrivals, resulted in a slight increase in zinc social inventories in Shanghai.
SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei rose 3,400 mt from last Friday June 19 to 220,900 mt as of Monday June 22. The stocks were up 4,300 mt from last Monday June 15.
Compared to last Friday, social inventories of refined zinc across the three major trading hubs (Shanghai, Tianjin and Guangdong) grew 3,200 mt.
As of June 22, inventories in Tianjin edged up over the weekend, on the back of greater and concentrated arrivals, with cargoes mostly from Guangdong and areas in east China. Meanwhile, arrivals of major brand products reduced.
Stocks in Guangdong were roughly unchanged during the weekend as shipments were limited with most cargoes delivering to north China or downstream consumers in east China.