Zinc social inventories dropped 21,900 mt on week

SHANGHAI, Apr 30 (SMM)—SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei decreased 21,900 mt from last Friday April 23 to 180,100 mt as of April 30. The stocks fell 9,700 mt from Monday April 26.

Stocks declined in Shanghai amid pre-holiday restocking, and lower arrivals of cargoes and pre-holiday stockpiling also led to further decline in Guangdong stocks. Stocks fell slightly in Tianjin as downstream users had restocked last week when zinc prices slid.

Compared to last Friday, social inventories of refined zinc across the three major trading hubs (Shanghai, Tianjin and Guangdong) decreased 19,500 mt.