Zinc Social Inventories Down 6,600 mt Over Weekend

SHANGHAI, Nov 8 (SMM) – Total zinc inventories across seven Chinese markets stood at 127,800 mt as of November 8, down 6,600 mt from November 5 and 12,900 mt from November 1.

The stocks in Shanghai fell sharply as downstream producers ramped up restocking on dips. Guangdong saw a decrease in arrivals of goods as downstream buyers increased restocking on falling prices last Friday and the direct shipments from smelters to downstream producers increased. The inventory in Tianjin continued to decline amid limited arrivals of cargoes in the market and increasing restocking demand from downstream plants. Inventories in Shanghai, Guangdong and Tianjin fell 8,200 mt, and inventories across seven Chinese markets decreased 6600 mt.