Market Chatter: China Zinc Producers Rushing to Send Stock to Shanghai Futures Warehouses Ahead of Contract Expiry

MT Newswires Live11-15

China's zinc producers are scrambling to send up to 40,000 metric tons of refined zinc to Shanghai Futures Exchange-accredited warehouses before the expiration of the contracts on Nov. 15, Reuters reported Thursday, citing three people with direct knowledge of the matter.

Among those delivering zinc to the warehouses are Zijin Mining Group Company (SHA:601899, HKG:2899) and Jiangxi Copper (HKG:0358, SHA:600362), the report said.

The deliveries will raise zinc reserves in the futures exchange to up to 66,524 tons, and could lower prices of the metal further, the report said.

Zinc prices have already slipped 4% to 24,638 yuan since Nov. 8, Reuters said.

As of Thursday, total stocks are now at 50,563 tonnes, according to the newswire.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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