Zinc Ingot Social Inventory Down 7,700 mt from Monday

SHANGHAI, Apr 7(SMM) - SMM data shows that social inventories of zinc ingots across seven major markets in China totalled 147,500 mt as of April 7, down 4,400 mt from a week earlier and 7,700 mt lower than this Monday (April 3).

In Shanghai, the market arrivals were not high, while downstream enterprises were stimulated by falling zinc prices to restock, allowing the inventory in Shanghai to reduce. In Guangdong, the market arrivals barely changed, and downstream buyers stocked mildly for speculative purpose in spite of lower zinc prices. As a result, the inventory in Guangdong dropped slightly. In Tianjin, amid stable market arrivals, some galvanising plants purchased on dips as needed, so the inventory in Tianjin was basically unchanged. Generally, the inventory in Tianjin gained slightly.

Overall, the total inventory in Shanghai, Guangdong and Tianjin fell 5,800 mt, and that across seven major markets in China was down 7,700 mt.