SMM Zinc Ingot Social Inventory Dropped 3,000 mt from Monday

SHANGHAI, Jul 15 (SMM) – SMM zinc ingot social inventory across seven markets in China totalled 153,700 mt as of Friday July 15, down 3,000 mt from Monday July 11 and 5,200 mt from last Friday July 8. The inventory in Shanghai dropped slightly amid downstream restocking demand though it weakened significantly following active purchases earlier when zinc prices dropped; and the sellers also held firm to the prices amid tight supply. The inventory in Guangdong was flat amid sluggish downstream demand and bearishness over future zinc prices. In Tianjin, the inventory dropped further due to low arrivals and dip purchases although the sellers and buyers were wrestling over the prices. Overall, the inventory in Shanghai, Guangdong and Tianjin dropped 2,500 mt from Monday, and those across seven markets in China fell 3,000 mt.