SHANGHAI, Jan 25 (SMM) – Social inventories of refined zinc across Shanghai, Guangdong and Tianjin grew 7,100 mt from Monday January 21 and 5,500 mt from Friday January 18 to stand at 112,700 mt as of Friday January 25, SMM data showed.
With two weeks left before the Chinese New Year holiday begins, most downstream consumers have finished stockpiling raw materials. Purchases shrank this week.
Zinc prices climbed in the middle of the week, and this prompted some smelters to offload cargoes, resulting in an increase of arrivals at social warehouses. Also, warehouses in Shanghai saw some seaborne arrivals this week.
SMM expects social inventories of refined zinc across Shanghai, Guangdong and Tianjin to extend gains next week.
