[SMM data] Market arrival is limited. Social inventory of zinc in the three places has not yet recorded an increase.

SMM7 19 news, this Wednesday's zinc social stocks fell slightly compared with last Friday 1000 tons, compared with last Monday down 800 tons to 145500 tons. Into the July consumption off-season, inventory is still not tired.

SMM learned that the recent warehouse inventory volume is less, inventory has not increased. SMM believes that the main reason why the market is not cumbersome is that there are not many goods delivered at the end of the supply side. On the one hand, the northern refineries have entered the maintenance stage one after another in July and August, and the increase in output is relatively limited compared with the previous month. And the pre-source of goods sent to the market warehouse, factory inventory to the warehouse more, and still have to ensure direct shipment to the next shipment. As a result, refineries have a limited supply of goods to the warehouse in the near future, and the pace of delivery may slow down; on the other hand, there are fewer imports in the near future. Finally, for the consumer side, the short-term at the regular off-season level, compared with the same period last year, the situation is still to be considered. The overall inventory is still not exhausted, the market needs to continue to pay attention. SMM believes that soon to enter the end of July and early August, a small number of large plant maintenance recovery, then may begin to accumulate, but the amount of accumulation is still limited in the short term.

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