SMM Zinc Ingot Social Inventory Down 14,700 mt from Monday

SHANGHAI, Jul 1 (SMM) – SMM zinc ingot social inventory across seven major markets in China totalled 182,600 mt as of Friday July 1, down 14,700 mt from Monday June 27, and down 25,700 mt from last Friday June 24. The inventory in Shanghai dropped amid less arrivals after smelters in east China suspended the production for maintenance, as well as smooth downstream purchases after zinc process fell. In Guangdong, the inventory also fell due to rising downstream orders triggered by low zinc prices, and the registered warrants rose palpably. In Tianjin, market arrivals were low when smelters that usually supply the north China market overhauled, and restocking on rigid demand also contributed to falling local inventory. To sum up, total inventory in Shanghai, Guangdong and Tianjin dropped 12,700 mt, and those across seven markets fell 14,700 mt from Monday.