SMM Zinc Ingot Social Inventory down 15,500 mt from Monday

SHANGHAI, Jul 8 (SMM) – SMM zinc ingot social inventory across seven major markets in China stood at 158,900 mt, down 15,500 mt from Monday July 4 and 25,200 mt from last Friday July 1. The inventory in Shanghai dropped as smelters reduced their production, which led to less arrivals; while falling zinc prices also encouraged downstream purchase. In Guangdong, the overall inventory fell amid stable arrivals and purchases on rigid demand. The inventory in Tianjin dropped due to low arrivals and pick-up of warrants in large amounts. The inventory in Shanghai, Guangdong and Tianjin fell 15,700 mt from Monday, and that across seven major markets dropped 15,500 mt.