Social inventories of zinc ingots across seven major markets in China fell

SMM data shows that social inventories of zinc ingots across seven major markets in China totalled 82,300 mt as of Friday December 8, down 5,600 mt from December 1 and down 3,400 mt from December 4. The inventory in Shanghai decreased during the week, mainly due to the low zinc price, boosting the downstream replenishment. Meanwhile, the arrivals of cargoes decreased during the week. It is expected that imported zinc ingots will supplement supply this week, and the market supply may increase; in Guangdong, due to direct shipments to downstream buyers, less cargoes arrived in the warehouses, and the inventory continued to decline; the inventory in Tianjin increased due to the increase in shipments arrivals and on-demand downstream purchases. Inventory in Shanghai, Guangdong and Tianjin fell by a combined 2,400 mt.