Latest Update in the China Zinc Market

This is a roundup of China's metals weekly inventory as of July 23.

SHFE nonferrous metals all went up today, amid the dovish statement by the European Central Bank president, the high US jobless claims, and the high July PMI in Eurozone.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on July 23, 2021

SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei increased 1,500 mt in the week ended July 23 to 115,900 mt. The stocks fell 1,000 mt from Monday June 19.

Shanghai base metals mostly cruised higher on Friday morning amid dovish comments from European Central Bank. Meanwhile, their counterparts on the LME traded mixed.

SHFE nonferrous metals generally increased as the spread of Delta variant of the COVID-19 virus intensified the market concerns.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on July 22, 2021

Shanghai base metals were mostly higher on Thursday morning as investors tracked another batch of quarterly earnings and shrugged off Covid-19 fears. Meanwhile, their counterparts on the LME also rose for the most part.