Zinc Ingot Social Inventory Up 3,100 mt on the Week

SHANGHAI, May 5 (SMM) - SMM data shows that social inventories of zinc ingots across seven major markets in China totalled 118,000 mt as of May 5, down 18,500 mt from last Monday April 24 and 3,100 mt higher compared with the prior week.

In Shanghai, the market arrivals were low, but downstream buyers only purchased in a small amount due to unsatisfactory orders. As a result, the inventory in Shanghai climbed.

In Guangdong, the downstream enterprises had been active in restocking before the Labour Day holiday when zinc prices declined. The low outflows of cargoes post the holiday caused the inventory in Guangdong to accumulate.

In Tianjin, low market arrivals and few pick-ups during the holiday together contributed to a rise in the inventory in Tianjin.

Overall, the total inventory in Shanghai, Guangdong and Tianjin added 2,400 mt, and that across seven major markets in China rose 3,100 mt.