Zinc social inventories rose 1,600 mt over weekend

SHANGHAI, Jan 13 (SMM) – Zinc inventories in China continued to grow over the weekend, as downstream consumers held back from stockpiling ahead of the Chinese New Year break.

SMM data showed that social inventories of refined zinc across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei stood at 110,200 mt as of Monday January 13, up 1,600 mt from Friday January 10 and 3,300 mt from Monday January 6, showed SMM data.

Stocks in east China fell over the weekend, as downstream consumers in Shanghai stepped up purchases after prices declined on the week and as limited cargoes arrived at Jiangsu and Zhejiang.

Guangdong and Tianjin primarily contributed to the inventory increase, as deliveries from smelters arrived as normal while downstream consumers stood on the sideline in the run-up to the CNY holiday.

Between January 10 and 13, social inventories of refined zinc across Shanghai, Tianjin and Guangdong jumped 3,400 mt.