Zinc Ingot Inventories across Seven Major Markets in China Increased 2,200 mt from last Friday

SHANGHAI, Aug 8 (SMM) - According to SMM data, the zinc ingot inventories across seven major markets in China totalled 136,600 mt as of August 8, up 2,200 mt from last Friday and down 1,700 mt from last Monday. The Shanghai inventory dropped slightly due to the low arrivals. This was because the smelters whose shipments were delivered to Shanghai maintained a low production rate. In the Guangdong market, most traders recently transferred the cargoes in Nanchu's warehouse to Jushen's warehouse. As the spot discounts expanded, the goods holders were unwilling to ship and the trades were poor. As a result, the inventory in Guangdong accumulated slightly. The inventory in Tianjin also increased slightly as market players stood wait-and-see and reduced the purchase amid low operating rates of downstream enterprises and surging zinc prices. On the whole, the inventories in Shanghai, Guangdong and Tianjin rose 1,500 mt, and those across seven major markets in China added 2,200 mt.