Social inventories of zinc ingots across seven major markets in China

SMM data shows that social inventories of zinc ingots across seven major markets in China totalled 95,000 mt as of Friday November 3, down 4,000 mt from October 30 and down 1,900 mt from October 27. The decrease in inventory in the Shanghai market was driven mainly by the demand for long-term contract delivery and buying on the dip. The decrease in inventory in Guangdong was due to the decrease in shipments arrivals from smelters and increased downstream stockpiling. In Tianjin, inventories increased due to lingering environmental issues, low operating rates at downstream enterprises and normal shipments of brands such as Zijin. Shipments in Zhejiang were brisk during the week, lowering inventory significantly. Inventory in Shanghai, Guangdong and Tianjin fell by a combined 1,900 mt.