Zinc Ingot Social Inventory Down 1,000 mt during Weekend

SHANGHAI, Dec 19 (SMM) - SMM data shows that social inventories of zinc ingots across seven major markets in China stood at 56,000 mt as of this Monday (December 19), down 1,000 mt from last Friday (December 16) and up 500 mt from last Monday (December 12). In Shanghai, the arrivals in the market were low and downstream buyers were also reluctant to stock up. Therefore, the inventory in Shanghai barely changed amid weak supply and demand. In Tianjin, the arrivals in the market remained low while some zinc ingots were still transferred to Shanghai. Thus, the inventory in Tianjin dropped despite sluggish local consumption. In Guangdong, the arrivals in the market were scarce amid unstable shipments. At the same time, the downstream demand was almost satisfied, so the outflows from the warehouses were even lower. As such, the inventory in Guangdong added slightly. Overall, the total inventory in Shanghai, Guangdong and Tianjin declined 700 mt, and that across seven major markets in China dropped 1,000 mt.