Zinc Ingot Social Inventory Sinks 7,300 mt from this Monday

SHANGHAI, Nov 25 (SMM) - SMM data shows that zinc ingot social inventories across seven major markets in China totalled 52,900 mt as of November 25, down 7,300 mt from this Monday (November 21) and down 5,900 mt from a week earlier (November 18). The cargoes sent from Yunnan to Shanghai shrank as local transportation was restricted by pandemic, resulting in low inflows into the Shanghai warehouses. At the same time, the purchase improved as zinc prices declined in the second half of the week. As a result, the inventory in Shanghai dropped. In south China, the inflows and outflows of the warehouses were both low, thus the overall inventory changed little. The arrivals in the Tianjin market were extremely scarce as a result of persisting transportation disruption in Inner Mongolia and Gansu as well as the earlier production cuts of Sichuan Sihuan and Western Mining. Therefore, the inventory in Tianjin slipped slightly. Overall, the total inventory in Shanghai, Guangdong and Tianjin fell 7,300 mt, and that across seven major markets in China was also down 7,300 mt.