Zinc social stocks stay at lows as domestic smelters slow shipments

SHANGHAI, Nov 16 (SMM) – Social inventories of refined zinc across Shanghai, Guangdong and Tianjin came in at 123,000 mt as of Friday November 16, down 1,300 mt from Monday November 12 but up 7,000 mt from Friday November 9, SMM data showed.

Some northern smelters moved cargoes into the Shanghai market and this grew stocks 2.4% over the week ended November 16.

For the same period, zinc stocks shrank in Guangdong and Tianjin as stable demand slowed smelters’ pace of shipping cargoes and as some cargoes entered Shanghai.

Zinc social inventories across the three regions are unlikely to see substantial gains next week if inflows of seaborne materials continue to be small.