Zinc Ingot Social Inventories Down 2,900 mt from Last Friday

SHANGHAI, Oct 24 (SMM) - SMM data shows that the zinc ingot inventories across seven major markets in China totalled 97,100 mt as of October 24, down 2,900 mt from last Friday (October 21) and up 2,700 mt from last Monday (October 17). In the Shanghai market, the outflows from the warehouse increased amid falling zinc prices and plummeting spot premiums. But with stable arrivals of cargoes in the market, the inventory in Shanghai only dropped slightly. In Guangdong, the arrivals in the market were modest, contributing sufficient spot supply. However, the downstream buyers generally stood wait-and-see due to sluggish terminal consumption. As a result, the inventory in Guandong recorded a slight increase. In Tianjin, the stable arrivals, coupled with falling zinc prices, stimulated active restocking sentiment among downstream enterprises. In consequence, the inventory declined slightly with robust rigid demand. Overall, the total inventory in Shanghai, Guangdong and Tianjin fell 2,200 mt, and that across seven major markets in China dipped 2,900 mt.