SHANGHAI, Oct 31 (SMM) - SMM data shows that social inventories of zinc ingots across seven major markets in China totalled 78,800 mt as of this Monday (October 31), down 18,300 mt from the previous week and 8,200 mt over the weekend. In the Shanghai market, the arrivals were slack while downstream buyers were rather enthusiastic to restock amid falling zinc prices and spot premiums. Therefore, the inventory in Shanghai declined on a weekly basis, but rose slightly over the weekend as the downstream demand was limited. In Guangdong, the arrivals in the market were still low, so there were rare available supply in the spot market. Yet, downstream enterprises were eager to sell, hence the inventory in Guangdong recorded a decrease. In Tianjin, the overall arrivals in the market were stable, while a slight boost in purchasing sentiment resulted in a limited decline in the inventory in Tianjin. Overall, the total inventory in Shanghai, Guangdong and Tianjin fell 2,800 mt, and that across seven major markets in China dropped 8,200 mt.
