Zinc social inventories rose 3,000 over weekend

SHANGHAI, Jun 8 (SMM) – Zinc inventories in China extended their gains over the weekend, primarily propelled by an increase in Shanghai as limited deliveries were taken by downstream buyers.

SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei increased 3,000 mt from last Friday June 5 to 226,700 mt as of Monday June 8. The stocks were up 7,700 from last Monday June 1.

Concentrated arrivals of shipments from the smelter Zijin and Kazakhstan cargoes lifted zinc inventories in Tianjin, while stocks in Guangdong edged higher amid limited arrivals.

Compared to last Friday, social inventories of refined zinc across the three major trading hubs (Shanghai, Tianjin and Guangdong) increased 3,100 mt, following a gain of 8,000 mt mt in the week ended June 5.