Zinc ingot inventory across China’s seven major regions declined

According to an SMM survey, as of November 28, the total zinc ingot inventory in SMM's seven regions was 104,200 mt, down 14,500 mt from November 21 and down 4,000 mt from November 25, indicating a reduction in domestic inventory. Inventories in Shanghai, Guangdong, and Tianjin all decreased. Although the futures market surged significantly during the week, downstream enterprises were cautious about high prices, leading to poor purchase willingness. However, arrivals at warehouses in the three regions were still limited during the week, and some traders were eager to sell, resulting in a slight decrease in inventories in the three regions. Overall, the original three-region inventory decreased by 3,100 mt, and the seven-region inventory decreased by 4,000 mt.