SMM

SMM data shows that social inventories of zinc ingots across seven major markets in China totalled 81,200 mt as of Thursday February 1, up 2,600 mt from January 25 but down 1,200 mt from January 29. The inventory in Shanghai decreased slightly, mainly due to fewer cargoes arriving at the warehouse during the week and more cargoes being shipped to downstream buyers. In Guangdong, cargoes arrived normally, but as the Chinese New Year holiday was approaching, market demand gradually decreased. With poor downstream purchasing, inventories increased slightly; more closures at downstream buyers in Tianjin and environmental disturbances resulted in a slight accumulation of inventories. Inventories in Shanghai, Guangdong and Tianjin fell by a combined 1,200 mt.