Zinc social inventories rose 4,900 mt over weekend

SHANGHAI, Jan 25 (SMM) – Zinc inventories in China rose over the weekend, primarily propelled by an increase in Shanghai and Tianjin.

SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei increased 4,900 mt from last Friday January 22 to 146,600 mt as of Monday January 25. The stocks were up 1,900 mt from last Monday January 18.

Stocks in Shanghai increased as the downstream has begun to have holidays as the Spring Festival is approaching, and market demand gradually weakened. In south China's Guangdong, the downstream restocked at low prices with relatively more arrivals, leading to a slight increase in local zinc inventories. Stocks in Tianjin rebounded as cargoes successively arrived at smelters and the downstream restocking demand did not increase significantly.

Compared to last Friday, social inventories of refined zinc across the three major trading hubs (Shanghai, Tianjin and Guangdong) increased 4,500 mt.