DJ China Shaanxi To Buy 97,000 Tons Zinc, Lead Reserves -Reports

Shaanxi provincial authorities have begun purchasing what will eventually be 97,000 tons of lead and zinc reserves, Chinese media reports said Thursday.
The zinc stockpile of 44,000 tons is being purchased at CNY11,280 a metric ton, a World Aluminum Market report said.

Shaanxi is buying 22,000 tons of zinc each from two local smelters, Hanzhong Bayi Zinc Industry Co. and Shaanxi Shangluo Zinc Co., a www.stockstar.com report said. Stockstar is a securities journal.

Shaanxi Shangluo has begun shipping the zinc, it said.

Shaanxi is paying CNY12,900 a ton for 53,000 tons of lead, the Stockstar report said.

At these rates, the provincial authorities are paying above market prices for the stockpile. Spot lead was about CNY12,600/ton Thursday; spot zinc was trading around CNY10,750/ton, according to the Shanghai Nonferrous Metals Market.

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