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.)
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