China's zinc price shrugs off impact of state reserve sale

The zinc price in Shanghai rose on Tuesday July 6 despite the state's latest attempt to cool down the price of the galvanizing metal by auctioning off inventory.

The daily zinc Shanghai Futures Exchange price closed at 22,310 yuan on Tuesday, up 0.6% day on day.
There was minimal price reaction after the Chinese government sold its 30,000 tonnes of zinc ingots reserve at the first-ever public tender of metals on Monday and Tuesday this week. 
Winning bids from zinc fabricators ranged from 21,100 and 21,200 yuan per tonne ($3,259.74 per tonne to $3275.19 per tonne) multiple industry sources told Fastmarkets.

There is a discount of around 1,000 yuan per tonne applied to the July zinc contract on the Shanghai Futures Exchange,...

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