SMM

Zinc ingot inventories across seven major Chinese markets totalled 102,900 mt as of June 2, down 3,400 mt from May 29 and 800 mt from May 26. Arrivals in Shanghai market were low, and some customers that bought goods at lows in the previous week took deliveries last week, which resulted in a small inventory decline.

In Tianjin, arrivals were limited, and downstream buyers also took deliveries. Traders delivered goods under long-term contracts actively.

Therefore, inventories dropped sharply. In Guangdong, arrivals were normal, and shipments weakened due to high zinc prices in the second half of the week, which led to inventory growth. The inventory in Shanghai, Guangdong and Tianjin decreased by 2,800 mt.

More popular news:

Commodity Price Bubble Finally Burst, but Metals Demand Will Surge

Glencore to Massively Expand Copper Capacity

SMM Daily Comments (Jun 2): All Metals Closed Higher with SHFE Nickel Leading Gains, Coke Surged

SMM Daily Comments (Jun 1): Base Metals Mostly Rose with SHFE Aluminium Surging, Ferrous Metals Rose across the board, Iron Ore Skyrocketed

SMM Daily Comments (Jun 5): Base Metals Mostly Fell, Ferrous Metals Bucked the Trend to Surge, Oil Gained Further on Saudi Arabia Output Cuts in July

SMM Indonesia Nickel and Cobalt Industry Chain Conference: Global Nickel & Cobalt Supply and Demand Prospect, Impact from NEV Development

Commerzbank Lowers Price Forecast for Copper, Aluminium, Zinc and Nickel for 2023 and 2024

Rumours Say Glencore Will Raise Takeover Bid for Teck Resources, but Another Big Obstacle Lies Ahead