SMM Update on Zinc Ingot Social Inventory as of Feb 20

SHANGHAI, Feb 20 (SMM) - SMM data shows that social inventories of zinc ingots across seven major markets in China totalled 181,500 mt as of today February 20, down 6,300 mt from a week earlier and 3,000 mt lower than last Monday.

In Shanghai, the market arrivals were tight while the downstream enterprises were more active in picking up cargoes, thus the inventory in Shanghai dropped. In Tianjin, downstream buyers increased pick-ups and their high operating rates bosltered the purchases on rigid demand. Therefore, the inventory in Tianjin extended the decline. In Guangdong, the market arrivals were average while downstream players were passionate about picking up cargoes during the weekend. The inventory in Guangdong barely change.

Overall, the total inventory in Shanghai, Guangdong and Tianjin fell 1,000 mt, and that across seven major markets in China was down 3,000 mt.