SMM7 July 28: since the middle and late July, LME zinc inventory continued to climb, as of July 28, LME zinc inventory increased by 14175 tons to 173000 tons, with the largest increase in New Orleans inventory.
SMM believes that the main reasons for the surge in LME zinc inventory are:
First, the new Orr warehouse is located in the United States, and the current epidemic situation in the United States is still grim. Although overseas countries continue to restart their economies, the recovery of overseas consumption is still slow, and some zinc ingots need to be handed over to the warehouse to digest some excess zinc ingots.
Second, with the rebound of zinc prices, especially after the Lun zinc price broke through 2200 US dollars / ton, the holders are more willing to cash in their positions at high prices.
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