SHFE STOCKS REPORT 28/02: Zinc stocks gain 12% on weak downstream demand; dip-buying reduces tin inventory

摘要

Zinc recorded the largest percentage increase in stocks in Shanghai Futures Exchange-approved warehouses in the week ending Friday February 28, with inventories climbing up by 11.8% week on week. Nanchu warehouse in Guangdong province gained the most zinc inventories, with total stock rising by 6,403 tonnes to 66,078 tonnes. “Zinc demand from downstream is still really weak on restricted transportation to control the novel coronavirus (2019-nCoV) spread and we estimate zinc inventory will continue building up on workers’ delayed return to plants,” a Shanghai-based analyst told Fastmarkets.