Zinc Ingot Inventories across Seven Major Markets in China Decreased 4,800 mt over the Weekend

SHANGHAI, Aug 1 (SMM) - SMM data shows that the zinc ingot inventories across seven major markets in China totalled 138,300 mt as of August 1, down 4,800 mt from July 25 and up 1,400 mt from July 29. The inventory in Shanghai basically remained unchanged amid thin transactions as zinc prices rose significantly and most downstream buyers chose to wait and see. The inventory in Guangdong inched higher with increased arrivals while die-casting zinc alloy producers were reluctant to restock amid off-season and high zinc prices. In Tianjin, as zinc prices remained high, downstream enterprises mainly picked up cargoes under long-term orders and retail orders were poor. The inventory in Tianjin dropped slightly with limited arrivals over the weekend. On the whole, the inventories in Shanghai, Guangdong and Tianjin rose 1,900 mt, and inventories across seven major markets in China increased 1,400 mt over the weekend.