Zinc inventory at warehouses designated by London Metal Exchange (LME) exceeded 400,000 tonnes for the first time in 3 years and 8 months. The inventory expanded by 52,000 tonnes at US quays in a late week.
LME zinc inventory exceeded 300,000 tonnes in January 2009 and had stayed at around 300,000-350,000 tonnes, which was as much as global 10-day consumption. The inventory expanded by 55,350 tonnes for 5 days from 24-31 July (except for 30 July) and reached 407,950 tonnes, the highest level since December 2005. Ninety four percent of the expansion occurred at New Orleans and Detroit. The inventory increased by 41,300 tonnes at New Orleans for 5 days. At Detroit, the inventory jumped by 11,050 tonnes in one day of 31 July. US inventory now accounts for 59% in LME total zinc inventory. One background is that demand recovery is delayed from automotive galvanized steel sheet in North America. Another background seems that speculators released surplus inventory when zinc market price is rising.M | T | W | T | F | S | S |
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Japan Steel Scrap Composite Prices (Sangyo Press)
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